OKX Europe reported a fivefold increase in deposits from unregulated exchanges in the 30 days before the July 1 MiCA deadline, with 90% of peak inflows coming from unlicensed platforms.
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European crypto traders moved €100 million into OKX Europe in the weeks before the July 1 MiCA deadline, the exchange said. Inflows from unlicensed platforms jumped roughly fivefold compared with the prior month.
At the peak, nearly 90% of deposits came from users leaving unregulated exchanges, up from 69% in April, according to internal data shared by the firm.
OKX Europe holds a MiCA Crypto-Asset Service Provider license from the Malta Financial Services Authority. It also carries MiFID II and Payment Institution authorizations, giving it passporting rights across the European Economic Area.
The exchange ran deposit bonuses of up to 8% for new users migrating from unlicensed platforms, it said. The campaigns targeted a user base where roughly 60% of European crypto traders were still on unregulated venues before the deadline.
MiCA imposes rules on consumer protection and capital reserves. Asset segregation is also required, meaning customer funds must be kept separate from an exchange's operating capital.
For competitors like Coinbase, Kraken, and Bitstamp that also hold European licenses, the question is whether the migration is a one-time deadline effect or a lasting shift in market share.
Some portion of the 60% of users on unlicensed platforms may have moved to non-European exchanges or self-custody wallets. The exchange data did not track those paths.
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