Coinbase and OKX Target Binance’s EU Users Following MiCA License Setback

Coinbase and OKX Offer Incentives to Capture Binance’s European Clientele

In the wake of Binance's decision to suspend certain services in the EU due to its failure to secure a Markets in Crypto-Assets (MiCA) license, Coinbase and OKX are launching aggressive campaigns to attract the affected users. Binance's licensing troubles have opened a window of opportunity for competitors.

Coinbase, which claims to have held a MiCA license since 2025, is offering a 5% bonus on transfers for new users from key European nations and the U.K. who deposit funds before July 13. CEO Brian Armstrong promoted this initiative through a post on X, targeting potential customers in Germany, France, Italy, Belgium, Poland, Sweden, and the U.K.

Meanwhile, OKX is positioning itself as a compliant alternative in the region, with founder Star Xu announcing a welcome campaign that includes bonuses and deposit matching up to 8% for eligible users across the European Economic Area (EEA). Xu emphasized the significance of MiCA regulation for the future of the crypto industry in Europe.

Binance announced to its clients that it would halt new registrations and limit services while assuring them that their assets remain secure. The firm has retracted its application for a MiCA license in Greece and is seeking authorization from another EU country. Despite these setbacks, Binance remains optimistic about eventually obtaining a MiCA license.

The deadline for cryptocurrency firms to secure a MiCA license from an EU member state is July 1, after which those without a license must cease operations in the EU. As competitors like Coinbase and OKX ramp up their efforts, the landscape for cryptocurrency exchanges in Europe is poised for significant change.