Licensed Exchanges Compete for EU Users Amid MiCA Changes

Crypto exchanges Coinbase and OKX are launching incentives to attract European Union users affected by the Markets in Crypto-Assets (MiCA) licensing restrictions. The changes aim to expand market share as MiCA reshapes the European crypto market.

According to a report, Binance has decided to limit services for some EU-based users after withdrawing its MiCA licence application. Bybit Global also said it would progressively restrict services for users in the European Economic Area from 1 July, although Bybit EU remains authorized through an Austrian licence.

Coinbase is offering a 5% transfer bonus for eligible users before 13 July. OKX Europe CEO Erald Ghoos said his exchange will provide an 8% bonus on new deposits. Kraken also launched a US$1.1 million prize draw for euro deposits as licensed exchanges compete for customers leaving platforms that are no longer able to offer the same services under MiCA.