Coinbase and OKX try to lure in Binance’s 450 million EU users after it failed to secure a MiCA license
CoinDesk 2026-06-27 14:11:45
Context: Coinbase and OKX are aggressively courting Binance's 450 million European users after Binance announced it would suspend certain crypto services in the European Union due to its failure to secure a Markets in Crypto-Assets (MiCA) license by the July 1 deadline. The MiCA license is required for crypto firms to operate across all 27 EU member states. Binance's lack of licensure has led to a significant opportunity for Coinbase and OKX to attract new users with enticing sign-up bonuses and promotions.
Key Facts
- Coinbase is offering a 5 percent transfer bonus to new users in several major European markets and the U.K. who move funds to the platform before July 13, with CEO Brian Armstrong specifically targeting users in Germany, France, Italy, Belgium, Poland, Sweden, and the U.K.
- OKX is offering one of its largest welcome campaigns, including bonuses and deposit matching of up to 8 percent for eligible users in the European Economic Area, as it positions itself as a long-term regulated alternative in Europe.
- Binance informed its 450 million European users that it would suspend some services due to its inability to secure a MiCA license, with the exchange withdrawing its license application in Greece and planning to seek authorization in another EU country.
- Coinbase claims to have been MiCA-licensed since 2025 and is offering unified global liquidity across spot and derivatives, with Brian Armstrong highlighting his firm's compliance with the new regulatory framework.
- OKX founder and CEO Star Xu emphasized that the MiCA license marks the start of a new era for crypto in Europe, inviting users to join his platform as a regulated alternative built for the long term.