Exchanges Scramble for EU Users Ahead of MiCA Deadline

Crypto exchanges Coinbase, Kraken, and OKX are moving in to capture users affected by MiCA restrictions in the EU. The Markets in Crypto-Assets framework is set to be enforced on July 1, requiring companies to obtain a license from a regulator in one of the 27 member states.

Exchanges like Binance and Bybit Global that failed to secure licenses are restricting services for EU-based users or face losing access. Coinbase CEO Brian Armstrong offered a 5% transfer bonus for users before July 13, while OKX Europe's Erald Ghoos promoted an 8% offer on new deposits.

Kraken also stepped up with a $1.1 million euro deposit prize draw. Bybit, however, is shifting its focus to the Middle East and North Africa region as it limits services in the European Economic Area (EEA).