Coinbase, OKX Offer Bonuses to Attract Binance EU Users After MiCA Setback
Coinbase and OKX are offering up to 8% sign-up bonuses to entice Binance users in the EU following Binance's failure to secure a MiCA license.
Coinbase CEO Brian Armstrong and OKX founder Star Xu are offering sign-up bonuses of up to 8% of deposits or asset transfers to attract Binance users in the European Union. The move comes after Binance failed to secure a Markets in Crypto-Assets (MiCA) license, putting its EU operations at risk.
Incentive Details
Both exchanges are targeting Binance's EU user base with competitive bonus structures. According to statements from the firms, new users who transfer assets from Binance or other platforms will receive a bonus of up to 8% of their transferred value, subject to certain terms and conditions.
- Coinbase offers a tiered bonus system based on deposit amount, with the highest tier providing 8% back in crypto.
- OKX is matching the 8% bonus for transfers over $10,000, with lower percentages for smaller amounts.
The incentives are part of a broader effort by exchanges to capture market share in the EU following regulatory changes. MiCA, which came into effect in June 2023, requires crypto exchanges to obtain a license to operate in the region. Binance, the world's largest crypto exchange, has not yet secured the license, creating an opportunity for competitors.
Neither Coinbase nor OKX disclosed the total budget for the promotions, but both emphasized the time-limited nature of the offers. Binance has not commented on the exodus of users or its MiCA licensing status.