Coinbase, Kraken and OKX move to swoop up EU users affected by MiCA restrictions
EU crypto exchanges approved under MiCA are trying to attract users from firms that failed to secure licenses before the July 1 enforcement date. Coinbase, OKX and Kraken have offered deposit bonuses, transfer incentives or prize draws to win users from platforms such as Binance and Bybit. Binance said it will restrict services for EU users after withdrawing its MiCA application, while Bybit will gradually limit services in the European Economic Area, even as its EU entity remains authorized through an Austrian license. EU regulators had issued 244 MiCA licenses by Monday, with Germany’s BaFin accounting for 57; several countries, including Greece, Hungary, Poland, Portugal and Romania, had not issued any. Under MiCA, crypto firms serving EU customers must hold a CASP license from a member-state regulator. Bybit is simultaneously expanding in the Middle East and North Africa, where it is tailoring products for regional users.
