Bybit Books Its EEA Exit, OKX Hands Out 8% Welcome Mats 🇪🇺

Bybit has begun progressively restricting access to certain services on its Global platform for residents of the European Economic Area, becoming the second major exchange after Binance to pull back from the bloc before the July 1 deadline for full compliance with the Markets in Crypto-Assets (MiCA) framework. In a notice published on June 29, the exchange said affected users would receive advance notice and timelines to manage existing and new positions before restrictions take effect, and would retain access to assets held in custody throughout the migration.

The measures apply to users across most EEA countries, including France, Germany, Italy, Spain, and the Netherlands. Malta is excluded because Bybit EU's licenses have not yet been passported there and the regulated entity does not currently offer products or services to Maltese residents. "As part of these measures, access to certain services on Bybit Global for EEA residents will be progressively limited," the exchange said, adding that impacted users would receive clear communications before any changes are implemented.

Bybit's regulated European platform operates through a MiCAR-authorized entity headquartered in Vienna, which is listed among the 14 fully licensed exchanges on the ESMA CASP register. The exchange also disclosed that it is pursuing an additional license in Austria to expand the range of products it can offer across the region. Bybit EU currently offers only spot trading, while Binance, OKX, and Bybit rank as the three largest derivatives venues by 2026 volume.

The MiCA transitional period ends on July 1, 2026, after which only firms holding a Crypto-Asset Service Provider (CASP) license can serve EEA residents. ESMA has ruled out any extension and issued a final warning to unlicensed firms. Binance set the precedent days earlier, withdrawing its Greek MiCA application after reports that the regulator would balk at clearing co-founder Changpeng Zhao (CZ), who in 2023 admitted to a money laundering charge, resigned as chief executive, and oversaw a settlement in which Binance pleaded guilty in the United States and paid more than $4.3 billion. Binance will wind down EU services from July 1 and plans to reapply, reportedly in France.

OKX moved quickly to position itself for the disruption. The exchange was among the first global firms to be licensed under MiCA, receiving Malta's approval in January 2025, and holds a MiFID permission for derivatives. "Now we offer 8% on new deposits. Don't wait to transfer your assets from Bybit Global and Binance to OKX," said Erald, head of OKX Europe. Elsewhere, OKX CEO Star Xu publicly questioned whether Binance's exit was a loss for Europe, asking "What a huge loss? A loss for whom—European regulators or the people of Europe?"