MiCA Day One: We Tested How Europe's Unlicensed Exchanges Treat New Users

Europe's MiCA transition period ended on July 1, cutting off unlicensed crypto exchanges from serving new EU clients.

Finance Magnates tested what users with an EU IP address encounter when attempting to register on five platforms that remain without a CASP licence, and compared those sign-up experiences with each exchange's public messaging.

Binance: Restrictions Announced, Sign-Up Remains Accessible

Binance withdrew its MiCA licence application in Greece on June 24 and said it would stop onboarding new EU users and opening new positions from July 1. Existing users will retain withdrawal access.

CEO Richard Teng reiterated this on X, saying user assets remain safe and secure and that affected users would keep access to previously communicated options.

As MiCA-related changes take effect today in the EU, I want to personally reassure our affected users that we remain fully committed to supporting you through this transition with care, clarity, and responsibility.

Your assets remain safe and secure on @binance. After 1 July,… pic.twitter.com/fyqdNYjGrA

— Richard Teng (@_RichardTeng) July 1, 2026

Loading Binance's site from an EU IP triggers a popup titled "European Regulatory Information", but the sign-up process itself is not immediately blocked. Instead, users are directed to contact customer support.

Whether registration ultimately succeeds beyond that point was not tested.

Binance co-founder Changpeng Zhao offered his own account of the licence withdrawal, saying regulators had previously considered the application "fully compliant" and describing competition among EU jurisdictions to host Binance's licence. Those claims could not be independently verified.

MEXC: Reassurance, No Visible Change During Sign-Up

MEXC's only public comment on MiCA came from its support account in response to a user's question on X on June 23, stating that EU users could continue using the platform normally and that any future changes would be announced in advance. It was not a formal company statement.

The initial registration experience reflected that message. Finance Magnates encountered no visible restrictions during sign-up, and MEXC's published list of restricted jurisdictions, last updated in May 2026, does not include EU member states.

MEXC's leadership had signalled EU compliance was a priority before the deadline. In April, newly appointed CEO Vugar Usi, formerly COO of Bitget, described MiCA authorisation as "a top strategic priority."

Dear MEXCer @SvilleVille
We completely understand the anxiety surrounding these upcoming deadlines, and we want to assure you that your peace of mind is our absolute priority.

To be fully transparent with you: MEXC has been continuously monitoring regulatory updates in the EU…

— MEXC (@MEXC) June 23, 2026

As of July 1, however, no public update on the licence application had been published beyond the support account's reply.

Bitget: Licence Pending, Registration Adds Friction

Bitget CEO Gracy Chen has said the exchange applied for a MiCA licence in Austria and is awaiting a decision. The company has also said it will not provide services in the EEA without authorisation.

A quick update for our EU community on where Bitget EU stands in the MiCAR authorisation process:

🔹 Bitget EU has submitted an application for authorisation as a crypto-asset service provider under MiCAR to the Austrian Financial Market Authority.

🔹 Bitget EU's application is… https://t.co/SKampjmanw

— Gracy Chen @Bitget (@GracyBitget) June 17, 2026

During Finance Magnates' test, registering from a German IP triggered a "Restricted IP" popup specifically naming Germany. Users could proceed only after ticking a self-declaration confirming they were not German residents. Whether additional checks are applied later in the onboarding process was not tested.

BingX: The Strictest Sign-Up Flow

BingX has publicly disclosed its MiCA status. In a June 16 update, BingX EU said it had applied for CASP authorisation with Austria's FMA and that the application was at an advanced stage, although not yet approved.

ICYMI: Update on BingX EU's MiCAR Authorisation Process

🔗 Full details: https://t.co/4GwPUOubn3

— BingX (@BingXOfficial) June 16, 2026

Among the exchanges tested, BingX presented the strictest registration flow. Finance Magnates was unable to proceed with registration from an EU IP, with no visible workaround offered during the initial sign-up process.

HTX and Bitfinex: No Public Statement, Registration Still Available

Neither exchange has publicly commented on its MiCA application status or outlined plans for EU users. That lack of communication is reflected by an absence of visible changes during registration.

Finance Magnates was able to access the sign-up process on both platforms, and each exchange's published restricted-jurisdictions list continues to omit EU member states.

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No Single Approach Emerged

Finance Magnates' test found no consistent pattern in how unlicensed exchanges are handling new EU users after MiCA's transition period expired.

Binance, Bitget and BingX each introduced friction during sign-up, in different forms and to different degrees. HTX and Bitfinex showed no visible change, consistent with having made no public statement at all. MEXC's experience also showed no visible change, but its published jurisdictions list has not been updated since May.

What happens after registration, including identity verification, account approval and access to deposits, trading or withdrawals, could not be independently verified through this methodology.

Methodology: Finance Magnates tested publicly accessible sign-up flows from EU-based IP addresses on July 1, 2026, without using existing customer accounts. The review covers only the initial registration experience and does not assess subsequent KYC procedures, account approval, or access to trading, deposits and withdrawals for existing or newly registered users.