Co-CEO Christian Trummer argues retail users now trust regulated platforms more, and that non-compliant rivals may face pressure to scale back in Europe
Europe’s crypto rulebook is no longer a theory. According to Bitpanda co-CEO Christian Trummer, it is now shaping which exchanges ordinary people actually trust.
In an interview with Cointelegraph, Trummer said the EU’s Markets in Crypto-Assets framework, known as MiCA, has boosted retail confidence in licensed platforms. He also raised a pointed question: whether rival exchanges that skipped the compliance work may be pushed out of Europe altogether.
What Trummer actually said
Trummer’s core argument is that MiCA changed how everyday users choose where to keep their crypto. He said customers now place more trust in regulated exchanges than in non-compliant alternatives.
He went further. Trummer described a notable shift among regular customers who favor the convenience and security of licensed custodians over self-custody.
He also called for tighter oversight of non-compliant firms that keep operating inside the EU. Trummer framed this as a competitive issue, one that hands an advantage to exchanges that did the licensing work, including Bitpanda.
On rivals, he kept the language measured. Trummer highlighted that non-compliant exchanges may face pressure to limit their European operations as MiCA enforcement gets stricter.
The regulatory clock that just ran out
The timing of these comments is not accidental. MiCA gave existing crypto providers a grandfathering period, essentially a grace window to keep serving customers while they secured authorization.
That window ended no later than July 1, 2026. After that date, the grace period stopped being a cushion and the enforcement phase began.
The European Securities and Markets Authority, ESMA, has since urged national regulators to act against unauthorized operators. It has also pushed for stronger measures against third-country entities that target EU users from outside the bloc.
Why Bitpanda sees itself on the right side of this
Bitpanda has spent the past couple of years collecting the licenses that now matter most. It received MiCA authorization from Germany’s BaFin in January 2025.
It followed that with authorization from Austria’s FMA in April 2025. Together, those approvals let Bitpanda operate across the European Economic Area.
The company says it holds all necessary MiCA authorizations for its services. Bitpanda also brings scale to the conversation. The platform counts over 7 million registered users.
Trummer himself is newly back in the top seat. He returned as co-CEO on September 15, 2026, landing right as the post-grandfathering enforcement period got underway.
His stated priorities since returning are product quality and infrastructure improvements for that user base.
The self-custody debate gets a new data point
Trummer’s comments add fuel to one of crypto’s oldest arguments. Is the industry’s future built on users holding their own keys, or on regulated intermediaries holding them on users’ behalf?
Trummer’s observation is that ordinary customers, given a regulated option, are increasingly choosing it anyway.
It is worth noting the source. A licensed custodian saying customers prefer licensed custodians is a bit like a restaurant reporting that diners love its menu. The claim may well be accurate, but Bitpanda clearly benefits from it being true.
What this means for exchanges and users
The most immediate implication is competitive. If enforcement against unauthorized firms intensifies as ESMA has urged, users of non-compliant platforms could find those services restricted or unavailable in their country.
For exchanges that did not invest in compliance, the choices narrow. They can pursue authorization, scale back European operations, or risk running into national regulators who now have explicit encouragement from ESMA to act.
That is likely why Trummer is calling for stricter oversight out loud. A rulebook only creates a competitive edge for compliant firms if it is enforced against everyone else.
