The exodus of digital asset platforms from Hungary has accelerated this week as MoonPay and Strike officially withdrew their services, marking a significant hollowing out of one of Central Europe’s most active retail crypto markets.
The departures follow a December that saw fintech giant Revolut and local favorite CashCoin halt operations. All four companies have pointed to a restrictive new legislative framework, spearheaded by the Supervisory Authority for Regulatory Affairs (SARA) and the Central Bank of Hungary, that officially tightened its grip on January 1, 2026.
The “validator” wall
The primary catalyst for the retreat is the Act VII of 2024 on the Market of Crypto-Assets, which was bolstered by a series of implementing decrees late last year. While the European Union’s Markets in Crypto-Assets (MiCA) regulation was intended to harmonize rules across the bloc, Hungary has layered on local requirements that critics describe as “regulatory overkill.”
Central to the new law is the mandatory use of a “Validator”, a state-authorized entity required to issue a compliance certificate for every crypto-to-fiat or crypto-to-crypto transaction.
Without this certificate, transactions are deemed legally invalid. Furthermore, the Hungarian Criminal Code was amended to make operating without these validations a felony, with potential prison sentences ranging from two to eight years for operators and high-value traders.
Platforms in retreat: Who has left?
- MoonPay: The global fiat-to-crypto on-ramp officially ended support for Hungarian residents this month. Users can no longer use automated fiat withdrawals; those seeking to exit must now contact customer support manually, a move intended to deter active trading.
- Strike: The Jack Mallers-led Bitcoin lightning app sent notice to users last week, disabling buy and sell functions. Known for its low-fee Bitcoin infrastructure, Strike’s exit removes a key bridge for local Bitcoin enthusiasts.
- Revolut: The digital bank, which boasts over 2 million users in Hungary, began winding down its crypto arm in December. By December 18, 2025, it had liquidated the remaining holdings of users who did not manually sell or move their assets.
- CashCoin: A prominent regional player, CashCoin halted its brokerage and exchange services in late December, citing the inability to guarantee legal safety for its users under the new criminal statutes.
A divergence from Europe
Industry analysts note a growing “regulatory friction” between Budapest and Brussels. While MiCA was designed to allow “passporting”, where a license in one EU country allows operation in all, Hungary’s secondary layer of validation and criminal penalties has effectively neutralized that benefit.
For the estimated 500,000 Hungarian crypto holders, the options are narrowing. As major regulated platforms leave, many fear users will be pushed toward unregulated, high-risk offshore exchanges.
