Licensed exchanges pay Europeans to move crypto before MiCA

Licensed crypto exchanges with EU authorization are offering cash incentives to European customers to transfer funds from platforms that lack Markets in Crypto-Assets (MiCA) approval ahead of the July 1 deadline. Firms are using deposit bonuses, matches and prize draws to attract displaced balances.

OKX Europe is offering an 8% deposit bonus to European Economic Area residents who migrate portfolios to its platform, supporting on-chain transfers as well as SEPA and mobile wallet rails through July 13. Coinbase is offering a 5% transfer bonus for Coinbase One subscribers in eight markets, including Germany, France and the UK. Kraken has launched a 1 million-euro prize draw for EEA customers who deposit funds before the end of July and is highlighting its MiCA authorization from the Central Bank of Ireland along with existing MiFID and e-money licenses. SwissBorg has promoted a 3% deposit match aimed at transfers from platforms without MiCA approval.

The incentives target customers of exchanges that do not hold bloc-wide authorization. Under MiCA, authorization in one EU member state allows a firm to operate across the single market. Firms that do not secure MiCA approval will face restrictions on serving customers after July 1.

Industry estimates put the number of legacy crypto firms at roughly 1,100 to 1,300, of which about 200 currently hold MiCA licenses. OKX has estimated that as many as 80% of currently active regional exchanges could be forced to wind down after the deadline. In Lithuania, more than 240 digital asset businesses closed after local transition periods expired in late 2025.

Binance had its application for bloc-wide MiCA authorization rejected by Greek authorities. The exchange sent withdrawal and service-adjustment guidance to users in France, Italy, Spain and Poland. Binance noted that some clients might experience service disruptions before July 1, said user assets remain backed and did not require immediate mass withdrawals.

The European Securities and Markets Authority warned that operators continuing to serve customers without authorization after the deadline would be breaking EU law and directed those firms to arrange orderly asset transfers to regulated platforms or to advise customers to move assets to self-custody wallets.

Infrastructure providers and smaller firms have responded with alternative models. BitGo launched a MiCA-compliant Crypto-as-a-Service platform on June 17 to provide regulated custody and execution for companies that need interim solutions while they seek approval. Smaller operators may pursue partnerships, mergers or narrower service models to avoid activities that require MiCA authorization.

OKX chief executive Star Xu wrote on X: “A harmonized approach will help ensure that innovation, competition, and growth are driven by product excellence and customer value-not by differences in regulatory oversight.”

Customers now have options: transfer assets to a licensed exchange and accept promotional incentives, withdraw assets to self-custody, or wait for formal wind-down instructions from their current providers.