On the eve of the entry into force of the new EU regulation on encryption, competition on European trading platforms rose rapidly. Since Binance was unable to obtain a MiCA license by 1 July, the exchange will suspend part of its services in the EU, and Coinbase and OKX will immediately launch an account opening and a transfer incentive to take over the flow of users.
MICA Competition has increased before the deadline
CoinDesk reported that Binance has informed some European users that the platform will no longer accept new registrations and limit some services. The notices cover markets in France, Italy, Poland and Spain, and only a few days from the official landing of the new EU regulations.
As required by the MiCA, encryption companies must obtain licences in at least one of the 27 member States of the European Union and complete the arrangements by 1 July. Non-licensed platforms need to contract or withdraw from EU operations.
Coinbase rolls out 5% to reward.
Coinbase states that the company has been licensed to MiCA since 2025. The Chief Executive Officer, Brian Armstrong, wrote on platform X that new users in Germany, France, Italy, Belgium, Poland, Sweden and the United Kingdom could participate in the opening-up of the platform.
According to Coinbase, the transfer of funds to the users of the Platform by 13 July will receive a 5% transfer incentive. Coinbase also stressed that its platform could provide uniform global liquidity for both spot and derivatives.
OKX positioned himself as an alternative to compliance
OKX is also synchronized in European markets. The company's founder, Seo Star, said on platform X that MiCA marked a new phase in the European encryption market, and that OKX wanted to attract users with a long-term compliance platform.
OKX states that for eligible EEA users, the platform will introduce a welcoming incentive and up to 8 per cent matching of contributions. This is also one of its larger user recruitment schemes in Europe.
Binance is still seeking to win in the EU.
Mr. Binance said to CoinDesk that user assets were still readily accessible. The company had previously stated on Thursday that it had withdrawn its licence application in Greece and planned to move to another EU country to apply for authorization.
At the same time, Binance stated that the company ' s objectives in Europe had not changed and was confident that it would obtain a MiCA licence in the coming months. This means that exchange competition in European markets will continue in the short term around compliance qualifications and the migration of users.