With 244 MiCA Licenses Issued, Binance Exits EU

The European Union's MiCA framework takes effect Tuesday. By Monday, regulators across the bloc had granted 244 authorizations. Germany's BaFin led with 57 approved applications. Five EU countries – Greece, Hungary, Poland, Portugal, and Romania – had issued zero licenses through Friday.

Binance, the largest exchange by global volume, pulled its MiCA submission last week. The platform said it would begin limiting functionality for European Union customers starting Tuesday. Bybit Global also announced restrictions for European Economic Area clients beginning July 1. Its separately operated Bybit EU entity holds Austrian authorization and continues normal operations.

Platforms with valid MiCA credentials are moving quickly. OKX Europe Chief Executive Erald Ghoos said Monday the exchange would offer an 8% yield on fresh deposits from customers leaving Binance or Bybit. Coinbase Chief Executive Brian Armstrong said Friday the platform would grant a 5% migration bonus for users who complete transfers by July 13. Kraken, also MiCA-authorized, launched a 1 million euro sweepstakes linked to euro-denominated deposits.

Changpeng Zhao, Binance's founder, said during an interview with The Block that the company's Greek filing met every regulatory criterion and was close to final clearance from at least one supervisor. He described a dynamic where two EU member states competed for Binance's licensing headquarters, creating what he called a bidding war. He added that unspecified interests actively opposed the authorization. Zhao did not comment directly on theories that European Central Bank President Christine Lagarde influenced the rejection. “I've seen those theories online, same as everyone else,” he said. “I have no documentation to confirm them.”

Binance co-Chief Executive Richard Teng said the firm plans to reapply in a different EU jurisdiction in the coming months. Zhao compared the situation to Binance's earlier regulatory struggles in Japan and Singapore, both of which were resolved.

While Bybit contracts its European presence, the platform is expanding in the Middle East and North Africa. A company representative said at a Tel Aviv gathering Sunday that Bybit is developing products specifically for that region.

Zhao also addressed Strategy's STRC preferred stock during the same interview. He said he has tried to understand the instrument's mechanics but finds it opaque. He called such structures “over-engineered” and argued that using Bitcoin as collateral is problematic because the asset's volatility undermines its reliability as a base. Strategy revised the instrument Monday, raising the dividend yield to 12% and announcing a $1 billion buyback, The Block reported. Zhao said he does not question Strategy chairman Michael Saylor's motives or his long-standing Bitcoin advocacy.

Zhao also disclosed a $2 million donation to an organization supporting formerly incarcerated individuals' reintegration into society.

The MiCA compliance deadline arrives Tuesday. Spanish authorities have confirmed zero tolerance for delays.

Coinbase, with an Alpha Score of 20 out of 100, is among the exchanges positioned to absorb Binance's departing EU users. The broader crypto market analysis suggests the shift could concentrate volume among MiCA-licensed platforms. For EU traders seeking alternatives, best crypto brokers offers a comparison of regulated options.