OKX and Coinbase Race to Sign Up Binance’s Displaced EU Users Before MiCA Deadline

OKX and Coinbase have launched competing deposit bonus campaigns targeting European users losing access to Binance before the bloc’s Markets in Crypto-Assets regulatory deadline, offering rewards of up to 8% to users who transfer assets in the coming weeks.

Binance notified EU users on Thursday that it will restrict services across the bloc starting July 1 after withdrawing its MiCA license application in Greece. The exchange said funds remain accessible and it intends to re-apply in another EU member state, but the immediate exit has opened a window for licensed rivals to court the affected user base.

OKX’s 8% Offer

OKX, which holds a crypto-asset services provider license from Malta’s financial regulator under MiCA, has published a tiered deposit bonus running from June 12 through July 13. The campaign is open to all 30 EEA states, covering the 27 EU members plus Iceland, Norway, and Liechtenstein. Bonus rates step up with deposit size: 5% on deposits up to $10,000, 6% on deposits up to $100,000, and 8% on deposits up to $500,000, with payouts in USDC distributed biweekly over 52 weeks. Both crypto and fiat transfers count toward the bonus.

Coinbase’s Subscriber Bonus

Coinbase, which holds a MiCA license for European operations, announced a parallel offer on Friday. CEO Brian Armstrong posted the promotion on X, detailing transfer bonuses exclusive to Coinbase One subscribers in Germany, France, Italy, Spain, Belgium, Poland, and Sweden, with the same July 13 deadline.

Structural Moat

MiCA’s transition period, which took force in December 2024 and allowed exchanges 18 months to obtain a national license passportable across all 27 EU member states, expires without extension on July 1. ESMA confirmed no extensions, leaving exchanges without authorization unable to serve EU customers after that date.

A number of other exchanges have also secured MiCA authorizations ahead of the deadline. WhiteBIT cleared an Austrian license earlier this month.

Binance remains the world’s largest crypto exchange by spot volume. Euro-denominated pairs account for roughly 1% of its global spot activity, per CryptoQuant analyst Maartunn. The exchange said it is confident it will secure a MiCA license in the coming months.