Coinbase and OKX Lure Binance Users with MiCA Bonuses

Now that Binance has temporarily suspended certain services in the EU after missing out on a MiCA licence, rivals Coinbase and OKX are seizing the opportunity. Both exchanges are launching targeted promotional campaigns to persuade European users to switch, offering bonuses of up to 8% of the deposited amount.

Binance Misses the Deadline

The deadline for MiCA compliance is 1 July, and Binance has failed to secure a licence by that date. As a result, the company is forced to suspend certain services in the European Union. Nevertheless, Binance has indicated that it expects to obtain the MiCA licence in the coming months.

The situation presents an immediate opening for competitors. Both Coinbase and OKX have reacted swiftly, directing their marketing efforts at European users who are losing access at Binance.

Bonuses of Up to 8% for New Users

Coinbase is targeting users in Germany, France, Italy and other markets with transfer bonuses of up to 5% for those moving funds from another exchange. CEO Brian Armstrong is thus aiming to attract former Binance customers in the region.

OKX goes a step further and offers eligible users within the European Economic Area a deposit bonus of up to 8%, supplemented by additional benefits for new customers. According to Erald Ghoos, General Manager of OKX Europe, the platform is already seeing a record number of new sign-ups in the run-up to the MiCA transition period. The company is thus benefiting not only from regulatory troubles at Binance, but also from the general uncertainty surrounding the new European crypto regulations.