Binance and Bybit are pulling back from the European Economic Area. Now their competitors are swooping in to grab those users.
Starting July 1, MiCA rules require crypto exchanges serving EU customers to hold a CASP license. Binance withdrew its application last week. Bybit Global says it will “progressively limit” EEA access. That leaves millions of users looking for a new home.
Licensed exchanges aren’t wasting time. OKX Europe CEO Erald Ghoos is offering 8% on new deposits. Coinbase promised a 5% transfer bonus through July 13. Kraken’s playing a different angle with a $1.1 million prize draw for euro deposits.
So far, EU regulators have approved 244 MiCA licenses across member states. Germany’s BaFin issued 57 of them — roughly a quarter. Greece, Hungary, Poland, Portugal, and Romania haven’t issued any yet.
The irony? Bybit is simultaneously ramping up in the Middle East. Its MENA head spoke at a Tel Aviv event Sunday about creating halal-compliant products and building out regional offerings. So while one door closes, another opens.
