Coinbase, Kraken, OKX expand EU account access after MiCA limits

With the EU’s Markets in Crypto-Assets (MiCA) framework set to start on July 1, several major cryptocurrency exchanges that are already licensed are stepping up efforts to keep— and win—European users. At the same time, companies that missed (or withdrew) their MiCA authorization are beginning to scale back access for customers in the EU and wider European Economic Area (EEA).

The push is becoming unusually direct: executives at platforms including Coinbase, OKX, and others have taken to social media to offer incentives ahead of the enforcement date, as regulators approve licenses under MiCA and unlicensed firms prepare for restrictions.

Key takeaways

• MiCA enforcement begins July 1 for crypto-asset services offered to users across 27 EU countries, requiring authorization as a Crypto-Asset Service Provider (CASP).
• Binance said it would restrict services for EU-based users after withdrawing its MiCA application, while Bybit said EEA access will be progressively limited from July 1.
• As of Monday, EU regulators had approved 244 MiCA crypto licenses, with Germany’s BaFin accounting for 57 of them, and several member states reporting no approvals as of Friday.
• Licensed exchanges are using time-bound promotions—such as deposit offers and transfer bonuses—to move users away from platforms facing MiCA limits.

Why MiCA is triggering a scramble for EU users

Under MiCA, firms offering crypto-asset services to people in the EU must hold a license as a Crypto-Asset Service Provider (CASP), granted by a regulator in an EU member state. This structure means that authorization is not merely a compliance checkbox—it determines whether customers can legally access services after the rules take effect.

Many exchanges, including Coinbase, FalconX, Kraken, and OKX, have obtained MiCA approval to continue operating following the June 30 deadline. But gaps in approvals across the bloc could still reshape the market quickly: users on platforms without the necessary permissions may face narrowed or removed access once enforcement starts.

Binance withdraws, Bybit limits—licensed rivals move first

Binance, the largest cryptocurrency exchange by market presence, signaled a turning point for EU users after it withdrew its MiCA application last week, according to Cointelegraph’s reporting. The company said it would restrict services for EU-based users following that withdrawal, a move that effectively frames MiCA as a forced migration event rather than a gradual transition.

Bybit’s approach is also restrictive, but with a more time-phased description. According to a statement reported by Cointelegraph, Bybit said access to services for users in the EEA “will be progressively limited” starting July 1. The same coverage notes that Bybit EU is authorized to operate under MiCA through its Austrian licensee, suggesting that users’ experience may vary depending on the jurisdiction and corporate entity providing services.

The licensing landscape is still uneven. As of Monday, EU regulators had approved 244 total licenses for crypto companies under MiCA, Cointelegraph reported, citing regulatory updates. Of those approvals, about a quarter—57—came from Germany’s Federal Financial Supervisory Authority, BaFin. The reporting also states that authorities in Greece, Hungary, Poland, Portugal, and Romania had not issued any licenses as of Friday.

Incentives and migration tactics: bonuses tied to the July 1 deadline

As access rules tighten, executives at licensed exchanges are trying to convert uncertainty into customer transfers. Erald Ghoos, CEO of OKX Europe, said OKX would offer 8% on new deposits, using the approaching MiCA date as a clear incentive window. (Ghoos made the comments publicly via X, as linked in Cointelegraph’s write-up.)

Coinbase CEO Brian Armstrong similarly pointed to a time-bound benefit: Coinbase would provide a 5% transfer bonus for users before July 13, about two weeks after MiCA takes effect, according to Armstrong’s post referenced by Cointelegraph.

Kraken, another exchange already authorized under MiCA, announced a promotional draw for euro deposits, described in the source coverage as a $1.1 million prize pool. While the specific mechanics weren’t detailed in the article, the thrust is clear: licensed firms are leveraging the compliance transition to strengthen their position in the EU.

For users, these campaigns matter because they may reduce the financial friction of moving funds during a period when account access and eligibility can change quickly. For the market, they also raise the stakes for exchanges that are not fully authorized in relevant jurisdictions—because the competition is effectively marketing compliance.

MiCA compliance and the business shift beyond Europe

MiCA’s enforcement date is also influencing where exchanges place growth efforts. The source coverage highlights Bybit’s decision to limit certain services for EU users while expanding in the Middle East and North Africa (MENA).

Cointelegraph reports that Derek Dai, Bybit’s head for the Middle East and North Africa, discussed the company’s strategy at a Tel Aviv event on Sunday. Dai said Bybit was stepping up efforts in the region as it restricted services for EU customers. He framed the approach as tailoring marketing and product offerings to different customer groups.

According to the quoted remarks, Bybit aims to build “halal products” designed for more conservative customers in some Arabic countries, while also focusing on derivative products for younger investors in Morocco who are developing trading skills and interest.

This split strategy reflects a broader pattern visible across crypto markets: when regulatory clarity tightens in one region, growth often shifts to jurisdictions where compliance requirements may be different or where the firm already has operational footing. Whether that will mitigate churn from EU limits depends on how smoothly users can transition their activity across platforms and regions.

Going forward, the key thing to watch is how quickly the remaining MiCA approvals—or the lack of them—translate into actual service limits for unlicensed firms, and whether user migration continues once July 1 arrives and incentives end. The licensing numbers show how far the framework has progressed, but the experience for customers will ultimately depend on how each exchange implements access controls across specific jurisdictions and corporate entities.