CoinDesk
Coinbase and OKX are moving to capture Binance's roughly 450 million European users after the world's largest exchange said it would suspend some EU services because it has not secured a Markets in Crypto-Assets (MiCA) license by the July 1 deadline. Coinbase is offering a 5 percent transfer bonus to new sign-ups in Germany, France, Italy, Belgium, Poland, Sweden and the U.K. who move funds before July 13, leaning on its MiCA license it says it has held since 2025. OKX founder Star Xu, writing on X on Saturday, pitched his platform as a long-term regulated alternative and unveiled one of its largest welcome campaigns for European Economic Area users, with deposit matching and bonuses up to 8 percent.
Binance emailed users in France, Italy, Poland and Spain saying it can no longer accept new registrations and will restrict services, while stressing that existing assets "remain safe and secure." The company withdrew its Greek license application on Thursday and is now seeking authorization in another EU member state, though it told reporters its "ambitions in Europe remain the same" and that it expects to secure a MiCA license "in the coming months."
Why it matters
MiCA is the bloc's first harmonized crypto rulebook, and the July 1 deadline forces every venue serving EU retail to be licensed in at least one member state or wind down local operations. Binance's gap exposes how concentrated the European retail book was on a single venue and turns the next ten days into an open migration window for licensed rivals. Coinbase's head start matters less than the regulatory clarity the licence itself provides: a single authorization covers all 27 member states, turning Europe into one of the world's most unified retail crypto markets.
Market impact
The migration flow will reshape European order books in the near term. Sign-up bonuses of 5 to 8 percent are aggressive but rational insurance against losing deposits to a competitor with deeper liquidity and a stronger brand.
Frequently asked questions
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Why is Binance suspending some EU services?
Binance said it will not hold a Markets in Crypto-Assets (MiCA) license by the July 1, 2025 deadline, the date after which crypto firms must be licensed in at least one EU member state to serve all 27 markets.
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Which exchanges are courting Binance's European users?
Coinbase is offering a 5 percent transfer bonus to new users in Germany, France, Italy, Belgium, Poland, Sweden and the U.K. OKX is running a welcome campaign for EEA users with deposit matching and bonuses up to 8 percent.
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What did Binance say about its European plans?
Binance told reporters its ambitions in Europe remain unchanged and that it expects to secure a MiCA license in the coming months, after withdrawing its license application in Greece to seek authorization in another EU member state.
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How does MiCA licensing work across the EU?
Under MiCA, a crypto firm licensed in any single EU member state can passport services to all 27 member states, which is why being first to a national regulator unlocks the entire bloc's retail market.
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Is Binance exiting Europe entirely?
No. Binance said assets already on its platform remain safe and accessible, and it is pursuing a MiCA license through another EU jurisdiction. Only new EU registrations and some services are restricted for now.
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