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Bybit Restricts EEA Access as OKX Targets Departing Traders

Bybit is winding down its Global platform across 29 EEA countries, while only its licensed EU arm stays open. OKX and Binance are repositioning around MiCA and the July 1 deadline.

By Luc Vesters
• 2 min read
Bybit Restricts EEA Access as OKX Targets Departing Traders

Key Takeaways

  • Starting July 1, Bybit will phase out access to its Global platform for users in 29 EEA countries.
  • Bybit EU in Vienna remains available and, according to the article, still serves European customers.
  • OKX is looking to attract traders as Binance and Bybit pull back from Europe.

Bybit is beginning a gradual shutdown of access to its Global platform for users in the European Economic Area, just days before the MiCA deadline on July 1. The exchange is moving in step with Binance, while OKX is positioning itself to capture traders who may be looking for a new venue in Europe.

Bybit Pulls Back

According to Bybit, users affected by the change will be notified ahead of time and will still be able to access their assets. The exchange said the restrictions will be introduced in stages across 29 EEA countries, giving customers time to close positions or move them elsewhere. Custody and withdrawals will remain available, but trading on the Global platform will be reduced in the region.

The decision lines up with the wider MiCA shift. From July 1, only firms with a CASP license will be allowed to serve EEA residents. ESMA has said there will be no extra grace period and has already warned unlicensed firms to comply. MiCA is the EU’s first broad crypto framework, designed to bring the rules into alignment across all 27 member states.

Bybit EU, the separately licensed European business based in Vienna, will stay open. That entity appears in ESMA’s register of fully licensed European exchanges, although Malta is still not covered by the current passporting rules.

OKX and Binance Shift the Market

Bybit’s timing comes soon after Binance scaled back in parts of Europe. Binance withdrew its MiCA application in Greece after regulators reportedly raised concerns about co-founder Changpeng Zhao’s role. The company plans to phase out its EU services starting July 1 and, according to reports, may reapply later in France.

OKX is trying to capitalize on that opening. The exchange was among the first global firms to secure a MiCA license, receiving approval in Malta in January 2025, and it also holds a MiFID permit for derivatives. That matters because Binance, OKX, and Bybit are among the largest derivatives platforms in 2026, while Bybit EU currently only offers spot trading.

OKX Europe executive Erald urged users leaving Bybit and Binance to move over and highlighted a bonus for new deposits. Meanwhile, CEO Star Xu once again emphasized the competition with Binance, even as the company remains under scrutiny following earlier U.S. settlements and a fine from Malta’s regulator.

What This Means for Europe

MiCA is clearly pushing the European crypto market toward consolidation. Recent estimates suggest that only a small portion of the thousands of crypto firms in the EU has secured full MiCA authorization so far, which puts early movers with a licensing strategy in the strongest position to stay. For European crypto users, that could mean fewer choices, but also more trading activity at a smaller group of regulated exchanges.

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