OKX CEO Star Xu has pushed back against Changpeng Zhao’s claim that Binance’s failure to secure a MiCA license was a loss for Europe, saying the matter raises questions about compliance, regulation, and public messaging.
Zhao, Binance’s founder, said Binance’s MiCA application in Greece had been “fully compliant” and close to approval before “other forces” pushed back. He said the result was “a loss for Binance” and “also a loss for Europe.” Binance withdrew its Greek MiCA application last week and said it would seek authorization in another EU member state.
Star Xu rejected that framing in a post on X. He asked, “What a huge loss? A loss for whom—European regulators or the people of Europe?” He also questioned what European users had lost from Binance’s licensing setback.
OKX CEO Questions Binance’s MiCA Claim
Star Xu said public reports suggested Binance had failed to show that its anti-money laundering, sanctions compliance, and market integrity programs were effective. He said the exchange did not obtain a license and should reflect on the reasons.
He wrote that claiming Europe was the loser after the withdrawal said “a great deal” about the company’s attitude toward the rule of law and financial regulation. His comments came as exchanges prepare for the July 1 MiCA deadline across the European Union.
Source: X
In another post, Star said more exchanges are choosing to comply with MiCA by serving EEA users through licensed EU entities. He also said public reports that Binance continues to serve users in most EEA countries through offshore entities, if accurate, raise questions about its regulatory approach.
Star later added, “In my view, that’s another example of misleading the public through false or misleading statements.” His comment responded to a post criticizing the way Binance’s MiCA withdrawal had been framed.
CZ Says Binance Was Close to Approval
Zhao said during the interview that two EU countries wanted Binance’s MiCA application. He described the process as a “bidding war” of some kind before saying other forces opposed the approval.
“There were two countries in the EU that wanted the Binance application,” Zhao said. “Because of that, there was actually a bit of a back and forth and a fight over it.”
Zhao did not confirm claims that European Central Bank President Christine Lagarde played a role in blocking the application. He said he had seen similar claims online but had no direct documents to support them.
Binance co-CEO Richard Teng said the company remains committed to securing a MiCA license “in the coming months.” The exchange has also said customer assets will remain accessible as it adjusts services for European users.
However, despite the MiCA license failure, the BNB price has not wavered. At press time, the BNB price was up 2% to trade at $560 after a bearish 24 hours.
MiCA Deadline Reshapes EU Exchange Market
The MiCA deadline arrives on July 1. After that date, unlicensed crypto firms must stop offering certain services in the EU unless they hold authorization from a member state regulator.
MiCA allows licensed crypto asset service providers to operate across the bloc through passporting rights. This system gives approved firms a regulatory route to serve users in all EU member states.
As of Monday, regulators had approved 244 MiCA licenses. Germany had the highest total with 57 approvals, while Greece, Hungary, Poland, Portugal, and Romania had not issued any licenses.
Bybit Global has also announced phased restrictions for EEA users. The exchange said affected users will receive notices before changes take effect and will keep access to assets held in custody during the transition.
Coinbase, Kraken, and OKX Target EU Users
Licensed exchanges are using the MiCA shift to attract users from platforms that face service limits. Coinbase, Kraken, and OKX have all launched offers aimed at European crypto users.
OKX is offering eligible users an 8% bonus on crypto transfers and cash deposits, capped at €20,000. The rewards will be paid over 52 weeks.
Coinbase is offering a 5% transfer bonus for eligible users who move funds before July 13. Kraken has launched a €1 million prize draw, with one entry for every euro deposited between June 22 and July 31.
ESMA has warned users that MiCA protections apply only to the licensed European legal entity providing the service. The warning means users must check which legal entity holds their account, even when a platform uses the same global brand.
