Coinbase and OKX target MiCA user transfers
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- Coinbase , OKX and Kraken launched incentives to attract European Union users affected by Markets in Crypto-Assets (MiCA) licensing restrictions.
- Binance and Bybit Global are limiting services for some EU users after changes to their MiCA regulatory status ahead of the 1 July deadline.
- The competition highlights how licensed exchanges are seeking to expand market share as MiCA reshapes the European crypto market.
Coinbase, OKX and Kraken launched promotional offers to attract European Union crypto users as the Markets in Crypto-Assets (MiCA) framework takes effect from 1 July and some exchanges restrict local services.
Binance said it would limit services for EU-based users after withdrawing its MiCA licence application, while Bybit Global said services for users in the European Economic Area would be progressively restricted from 1 July, although Bybit EU remains authorised through an Austrian licence.
Coinbase CEO Brian Armstrong said the company would offer a 5% transfer bonus for eligible users before 13 July, while OKX Europe CEO Erald Ghoos said the exchange would 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.
European regulators had approved 244 crypto licences under MiCA as of Monday, including 57 issued by Germany's BaFin, while several member states had not yet granted any licences, and there was no immediate market reaction.
Under MiCA, crypto firms serving customers across the European Union must hold a Crypto-Asset Service Provider licence issued by a regulator in one member state, allowing them to operate across the bloc through passporting rules.
While Bybit is reducing some services in Europe, the company said it is expanding its Middle East and North Africa business with region-specific products, including Sharia-compliant offerings for some markets and derivatives aimed at newer traders in Morocco.