Binance's 450M EU users face restricted services after missing MiCA deadline; Coinbase offers 5% transfer bonus, OKX up to 8% deposit matching to capture the flow.
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Binance told its 450 million European Union users it is suspending some services. The exchange will not have a Markets in Crypto-Assets (MiCA) license by July 1. Emails went out to customers in France, Italy, Poland and Spain. The exchange can no longer accept new registrations and will restrict existing services. A Binance spokesperson told CoinDesk that assets remain safe and accessible.
Coinbase CEO Brian Armstrong posted on X Friday evening offering sign-up bonuses. The offer targets users in Germany, France, Italy, Belgium, Poland, Sweden and the U.K. "Coinbase has been MiCA licensed since 2025 and offers unified global liquidity across spot and derivatives," the exchange says on its website. "We're offering a 5% transfer bonus for people moving funds to Coinbase before July 13th."
OKX founder Star Xu followed Saturday with a welcome campaign for eligible European Economic Area users. "We're offering one of our biggest welcome campaigns … including welcome bonuses and deposit matching of up to 8%," he wrote on X. "If you're looking for a regulated platform built for the long term, we're excited to welcome you to OKX."
The timeline is tight. Crypto firms need a MiCA license from at least one EU member state by June 30 to provide services across all 27 countries. Binance withdrew its license application in Greece on Thursday. In a statement to CoinDesk, the company said its "ambitions in Europe remain the same, and we are confident we will secure a MiCA licence in the coming months."
The user migration tests whether Coinbase and OKX can absorb the flow. Coinbase already holds a MiCA license from 2025 and has a bigger European footprint. OKX is chasing with higher-percentage deposit matching. For traders switching platforms, the transfer bonus covers some friction. The real shift is in liquidity and custody: where the largest EU user base ends up will shape which exchange gains the tightest spreads in euro-denominated pairs. Anyone moving large sums should check withdrawal limits and settlement times on the new platform. Some of the deepest deals are available through best crypto brokers that aggregate multiple exchanges.
Binance still says it will secure a MiCA license. The window for rivals stays open until that happens. The next milestone is July 13, when the 5% Coinbase bonus expires. The first wave of migration will be visible in exchange volume data by mid-July. For broader context on the crypto market, that data will show whether the shift is a trickle or a flood.
Prepared with AlphaScala research tooling and grounded in primary market data: live prices, fundamentals, SEC filings, hedge-fund holdings, and insider activity. Each story is checked against AlphaScala publishing rules before release. Educational coverage, not personalized advice.