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Key Takeaways
- Bybit will limit Global platform access for users in 29 EEA countries ahead of the July 1 MiCA deadline, while its licensed Bybit EU entity remains open.
- Binance withdrew its Greek MiCA application after reports CZ wouldn’t be cleared for licensing, and plans to wind down EU services from July 1.
- OKX and Coinbase are courting displaced users, with OKX offering deposit incentives and Coinbase opening a Luxembourg hub.
Bybit will progressively restrict crypto trading on its Global platform for users across the European Economic Area, becoming the second major exchange after Binance to pull back from Europe ahead of the July 1 Markets in Crypto-Assets (MiCA) deadline. The exchange said affected users will receive advance notice and retain access to their assets. Bybit EU, its separately licensed European entity, will remain open.
MiCA’s Transitional Period Closes July 1
The MiCA transitional period ends on July 1, 2026. After that date, only firms holding a Crypto-Asset Service Provider (CASP) license can serve EEA residents. The European Securities and Markets Authority (ESMA) has ruled out an extension and issued a final warning to unlicensed firms.
In its notice, Bybit named 29 EEA countries where access to its Global platform will be limited in stages. Affected users will get timelines to manage open positions and will keep custody and withdrawal rights, according to the exchange.
Bybit EU, the group’s licensed arm based in Vienna, is one of 14 fully licensed European exchanges on the ESMA register, though Malta currently sits outside its passporting coverage. Bybit co-founder and CEO Ben Zhou noted on X that July 1 also marks the one-year anniversary of the platform’s MiCA-licensed EU entity.
Binance Withdraws Greek MiCA Application
Binance withdrew its Greek MiCA application days before Bybit’s announcement, following reports that Greek regulators would not clear co-founder Changpeng Zhao for the license.
Binance pleaded guilty in the United States in 2023 and paid more than $4.3 billion, while Zhao admitted to a money laundering violation and resigned as chief executive. Binance plans to wind down EU services from July 1 and has signaled it will reapply, reportedly in France.
OKX Courts Bybit and Binance Users
OKX was among the first global exchanges licensed under MiCA, receiving approval from Malta’s regulator in January 2025. Binance, OKX, and Bybit rank as the three largest crypto derivatives venues by 2026 volume. Bybit EU currently offers spot trading only, while OKX also holds a MiFID permission covering derivatives. OKX Europe head Erald urged Bybit and Binance users to move their funds, promoting a deposit incentive.
“Now we offer 8% on new deposits. Don’t wait to transfer your assets from Bybit Global and Binance to OKX,” Erald said.
OKX CEO Star Xu also weighed in publicly, questioning whether Binance’s exit represented a loss for European users and citing reports that the company failed to demonstrate effective anti-money-laundering, sanctions and market-integrity controls.
OKX’s own compliance record includes a 2025 U.S. guilty plea tied to more than $5 billion in suspicious transactions, for which it paid a $504 million settlement. Months after receiving its MiCA license, Malta’s regulator fined OKX’s European unit €1.1 million.
Other Licensed Exchanges Expand in Europe
Other regulated platforms are also positioning for the shift. Coinbase opened a hub in Luxembourg, joining licensed exchanges seeking to absorb traders displaced by the MiCA transition. Parfin CEO and co-founder Marcos Viriato said in emailed comments that licensing alone does not guarantee user growth.
“A license doesn’t create adoption. It creates the conditions for adoption. Compliance has become a competitive advantage,” Viriato said.
The shift leaves Coinbase, OKX, Bybit EU, and other licensed platforms competing to absorb users affected by the July 1 deadline.
