The MiCA CASP authorization deadline passed on July 1, 2026, and most European crypto exchanges are still unlicensed. This is a triage guide for firms mid-application or still exposed: what ESMA's wind-down statement actually requires this week, and why the AML and travel-rule infrastructure exchanges are racing to build now will need to be rebuilt again the moment inter-CASP data exchange kicks in, unless it's built on reusable credentials from the start. If you're reading this in mid-Sept...