As the European Union prepares to enforce the Markets in Crypto-Assets (MiCA) regulations, leading licensed cryptocurrency exchanges have launched campaigns to capture users affected by service restrictions on unlicensed platforms. Starting July 1, exchanges without the required MiCA license will face operational limitations within the EU’s 27 member states, prompting companies like Coinbase and OKX to actively court users migrating away from rivals such as Binance and Bybit.
Binance, the world’s largest crypto exchange, withdrew its MiCA license application and announced it would restrict services to EU users. Similarly, Bybit Global declared it will progressively limit access to its services in the European Economic Area, although its EU-licensed entity continues operations under Austrian jurisdiction. These moves leave thousands of EU users seeking alternatives that comply with MiCA's regulatory demands.
Under MiCA, crypto firms must secure a Crypto-Asset Service Provider (CASP) license from a regulator of an EU member state to operate legitimately across the bloc. So far, authorities have approved a total of 244 licenses, with Germany’s BaFin overseeing a significant share. Notably, regulators in Greece, Hungary, Poland, Portugal, and Romania have yet to issue any authorizations, highlighting a disparity in licensing progress across the region.
To accelerate user migration, OKX Europe’s CEO announced an 8% bonus on new deposits, directly targeting users affected by Binance and Bybit’s restrictions. Coinbase followed with a 5% transfer bonus incentive, valid until mid-July, just after MiCA enforcement begins. Kraken complements these efforts with a prize draw valued at over one million US dollars for euro-denominated deposits, incentivizing EU customers to switch exchanges.
Meanwhile, Bybit is refocusing its strategic efforts beyond Europe, particularly in the Middle East and North Africa (MENA). The company’s regional head emphasized tailored marketing and product development, including creating Islamic finance–compliant (“halal”) offerings and derivatives appealing to younger traders in North Africa. This geographic pivot underlines how global crypto firms adjust to regulatory hurdles by reallocating resources to emerging markets.
With MiCA introducing a unified regulatory framework for crypto services across the EU, the licensing requirement will drastically reshape user access and competition within the European crypto sector. Those exchanges lacking authorization risk losing market share as licensed competitors leverage promotions and compliance credentials to attract relocating customers.