Coinbase and OKX Target EU Users as Binance Misses Out on MiCA License
The European Union’s Markets in Crypto-Assets regulation, or MiCA, requires exchanges to obtain a license in one member state before using the passporting system to serve all 27 countries. The transition period expired on June 30, 2026. Binance withdrew its application in Greece and failed to secure approval in time, a development likely to accelerate the shift of EU users and liquidity to compliant platforms and reshape the exchange landscape.
Starting July 1, 2026, Binance stopped accepting new registrations in several EU countries and restricted some crypto-asset services, although existing assets remained accessible. Coinbase said it obtained a MiCA license in 2025 and offered new users a 5% reward on funds transferred by July 13. OKX offered deposit and transfer rewards of up to 8%, capped at €20,000 and paid over 52 weeks.
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The history behind this eventBinance Faces EU Service Restrictions Next Week Under MiCA Rules
The European Union’s Markets in Crypto-Assets Regulation, or MiCA, establishes uniform licensing and operating standards for crypto companies. Exchanges must obtain a license issued by an EU member state to continue serving customers in the bloc. Binance’s failure to secure authorization before the end of the transition period makes it one of the first major companies to undertake significant business changes following MiCA’s implementation.
Binance told EU users it would restrict new registrations and some existing services from July 1 because it had not yet obtained a MiCA license. The platform will instead seek authorization in France. Affected customers will still be able to access their accounts and withdraw assets as usual, but other trading functions and services will be gradually scaled back in line with regulatory requirements.
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