MiCA Day One: We Tested How Europe's Unlicensed | Crypto Work Pro
Europe’s MiCA transition period ended on July 1, chopping off unlicensed crypto exchanges from serving new EU purchasers.
Finance Magnates examined what customers with an EU IP handle encounter when trying to register on 5 platforms that stay with out a CASP licence, and in contrast these sign-up experiences with every exchange’s public messaging.
Binance: Restrictions Announced, Sign-Up Remains Accessible
Binance withdrew its MiCA licence utility in Greece on June 24 and stated it will stop onboarding new EU customers and opening new positions from July 1. Existing customers will retain withdrawal entry.
CEO Richard Teng reiterated this on X, saying consumer property stay secure and secure and that affected customers would keep entry to beforehand communicated choices.
As MiCA-related adjustments take impact at the moment within the EU, I wish to personally reassure our affected customers that we stay absolutely dedicated to supporting you thru this transition with care, readability, and accountability.Your property stay secure and secure on @binance. After 1 July,… pic.twitter.com/fyqdNYjGrA
— Richard Teng (@_RichardTeng) July 1, 2026
Loading Binance’s website from an EU IP triggers a popup titled “European Regulatory Information”, however the sign-up course of itself just isn’t instantly blocked. Instead, customers are directed to contact buyer help.
Whether registration finally succeeds past that time was not examined.
Binance co-founder Changpeng Zhao supplied his own account of the licence withdrawal, saying regulators had beforehand thought-about the applying “fully compliant” and describing competitors amongst EU jurisdictions to host Binance’s licence. Those claims couldn’t be independently verified.
MEXC: Reassurance, No Visible Change During Sign-Up
MEXC’s solely public touch upon MiCA got here from its help account in response to a consumer’s query on X on June 23, stating that EU customers may proceed utilizing the platform usually and that any future adjustments could be introduced prematurely. It was not a formal company assertion.
The initial registration expertise mirrored that message. Finance Magnates encountered no seen restrictions during sign-up, and MEXC’s revealed listing of restricted jurisdictions, final up to date in May 2026, doesn’t embrace EU member states.
MEXC‘s management had signalled EU compliance was a precedence earlier than the deadline. In April, newly appointed CEO Vugar Usi, previously COO of Bitget, described MiCA authorisation as “a top strategic priority.”
Dear MEXCer @SvilleVille We fully perceive the nervousness surrounding these upcoming deadlines, and we wish to guarantee you that your peace of thoughts is our absolute precedence.To be absolutely clear with you: MEXC has been constantly monitoring regulatory updates within the EU…
— MEXC (@MEXC) June 23, 2026
As of July 1, nonetheless, no public replace on the licence utility had been revealed past the help account’s reply.
Bitget: Licence Pending, Registration Adds Friction
Bitget CEO Gracy Chen has stated the exchange utilized for a MiCA licence in Austria and is awaiting a choice. The company has additionally stated it won’t present companies within the EEA with out authorisation.
A fast replace for our EU group on the place Bitget EU stands within the MiCAR authorisation course of:🔹 Bitget EU has submitted an utility for authorisation as a crypto-asset service supplier underneath MiCAR to the Austrian Financial Market Authority.🔹 Bitget EU’s utility is… https://t.co/SKampjmanw
— Gracy Chen @Bitget (@GracyBitget) June 17, 2026
During Finance Magnates’ check, registering from a German IP triggered a “Restricted IP” popup particularly naming Germany. Users may proceed solely after ticking a self-declaration confirming they weren’t German residents. Whether further checks are utilized later within the onboarding course of was not examined.
BingX: The Strictest Sign-Up Flow
BingX has publicly disclosed its MiCA standing. In a June 16 replace, BingX EU stated it had utilized for CASP authorisation with Austria’s FMA and that the applying was at an superior stage, though not but accepted.
ICYMI: Update on BingX EU’s MiCAR Authorisation Process🔗 Full particulars: https://t.co/4GwPUOubn3
— BingX (@BingXOfficial) June 16, 2026
Among the exchanges examined, BingX offered the strictest registration circulate. Finance Magnates was unable to proceed with registration from an EU IP, with no seen workaround supplied during the initial sign-up course of.
HTX and Bitfinex: No Public Statement, Registration Still Available
Neither exchange has publicly commented on its MiCA utility standing or outlined plans for EU customers.
That lack of communication is mirrored by an absence of seen adjustments during registration.
Finance Magnates was capable of entry the sign-up course of on each platforms, and every exchange’s revealed restricted-jurisdictions listing continues to omit EU member states.
No Single Approach Emerged
Finance Magnates’ check discovered no constant sample in how unlicensed exchanges are handling new EU customers after MiCA’s transition period expired.
Binance, Bitget and BingX every launched friction during sign-up, in several kinds and to completely different levels. HTX and Bitfinex confirmed no seen change, according to having made no public assertion in any respect. MEXC’s expertise additionally confirmed no seen change, however its revealed jurisdictions listing has not been up to date since May.
What occurs after registration, together with id verification, account approval and entry to deposits, trading or withdrawals, couldn’t be independently verified by means of this system.
Methodology: Finance Magnates examined publicly accessible sign-up flows from EU-based IP addresses on July 1, 2026, with out utilizing present buyer accounts. The review covers solely the initial registration expertise and doesn’t assess subsequent KYC procedures, account approval, or entry to trading, deposits and withdrawals for present or newly registered customers.
This article was written by Tanya Chepkova at www.financemagnates.com.
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