Bybit Restricts EEA Access Ahead of MiCA Deadline, Following Binance Exit
Bybit announced it will progressively restrict trading on its Global platform for users in the European Economic Area (EEA), becoming the second major crypto exchange to retract from Europe ahead of the July 1 MiCA deadline. The exchange cited regulatory alignment efforts, naming 29 EEA countries where access will be limited in stages. Affected users retain custody and withdrawal rights. Bybit EU, its separately licensed Vienna-based entity, remains open and is one of only 14 fully licensed exchanges on the ESMA register. The move follows Binance's withdrawal of its Greek MiCA application and plans to wind down EU services after July 1. OKX, already MiCA-licensed in Malta, is actively courting displaced traders with promotional offers. The industry shift underscores compliance as a competitive advantage, with licensed exchanges like Coinbase expanding in Europe. Critics note OKX's own regulatory history, including a $504 million U.S. settlement, questioning the narrative of clean compliance.
Key facts
- Bybit restricts EEA trading access in stages, naming 29 affected countries.
- Bybit EU (licensed in Vienna) remains open; only 14 exchanges fully licensed in Europe.
- Binance withdrew MiCA application and will exit EU by July 1 amid U.S. guilty plea.
- OKX, licensed in Malta, offers 8% deposit promotion to attract displaced users.
- Compliance becomes key competitive advantage as regulated exchanges consolidate.