- Coinbase and OKX introduced transfer bonuses and rewards to attract users before the July 1 MiCA cutoff.
- Binance is restricting some services in Europe while awaiting MiCA authorization in another EU jurisdiction.
- Competition for European crypto users has intensified as exchanges adapt to the new MiCA regulatory framework.
Ahead of the July 1 MiCA cutoff, Coinbase and OKX launched incentive campaigns targeting European users after Binance informed clients that it would suspend certain services because it does not yet hold a Markets in Crypto-Assets license. The moves involve transfer bonuses, deposit rewards, and new-user incentives as exchanges compete for users affected by the transition.
Coinbase And OKX Roll Out Incentives
As Binance prepared to restrict some services, rivals quickly introduced offers aimed at European customers. Coinbase CEO Brian Armstrong announced incentives for users in Germany, France, Italy, Belgium, Poland, Sweden, and the U.K.
According to Coinbase, eligible users who transfer funds before July 13 can receive a 5% transfer bonus. The exchange also highlighted that it has operated under a MiCA license since 2025.
At the same time, OKX launched its own campaign across the European Economic Area. OKX founder and CEO Star Xu said eligible users can access welcome rewards and deposit bonuses of up to 8%.
The competing offers emerged just days before the regulatory deadline. As a result, attention quickly shifted to platforms already operating under MiCA authorization.
Binance Adjusts Services Ahead Of Deadline
The promotions followed Binance notifications sent to users across several European markets. According to the exchange, it can no longer accept new registrations and must restrict certain services.
Binance told users their assets remain secure and accessible throughout the process. However, the company acknowledged it would not have a MiCA license in place before July 1. The development came after Binance withdrew its license application in Greece.
The company said it plans to pursue authorization through another European Union jurisdiction. Even so, Binance stated that its European strategy remains unchanged. The exchange added that it expects to obtain a MiCA license in the coming months.
Industry Figures Clash Over MiCA Impact
The licensing issue also triggered public exchanges between industry executives. Binance co-founder Changpeng Zhao said Europe was cutting users off from what he described as the industry’s best liquidity.
Star Xu challenged that view and criticized Binance’s approach toward regulation. Meanwhile, Binance co-founder Yi He reiterated that Europe remains an important market for the company.
Separately, OKX Europe General Manager Erald Ghoos reported record customer sign-ups ahead of the MiCA transition deadline. The increase came as users reviewed exchange options before the new rules take effect across the European Union.
