Coinbase, Kraken and OKX move to swoop up EU users affected by MiCA restrictions

Several exchanges that have already been authorized by EU regulators are attempting to bring in users from companies unlicensed under the Markets in Crypto-Assets rules, offering transfer bonuses and prizes.

Cryptocurrency exchanges already approved to operate in European Union member states under the soon-to-be enforced Markets in Crypto-Assets (MiCA) framework are incentivizing users from companies that failed to gain license approval.

With MiCA restrictions set to be enforced starting on July 1, executives of cryptocurrency exchanges including Coinbase and OKX have taken to social media to sway users from soon-to-be unauthorized companies, like Binance and Bybit Global. 

The world’s largest crypto exchange, Binance, said that it would restrict services for EU-based users after withdrawing its MiCA application last week. Bybit Global on Monday said access to services for users in the European Economic Area “will be progressively limited” starting on July 1, though its Bybit EU arm is authorized to operate under MiCA through its Austrian licensee.

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