The European Union’s Markets in Crypto-Assets (MiCA) has triggered a fight among licensed crypto exchanges to capture users and deposits from platforms that may no longer be allowed to serve the bloc.

The new regulation, which is set to take full effect on July 1, hardens the line between firms with bloc-wide authorization and those still operating under legacy national regimes.

Exchanges without approval face restrictions on serving customers, forcing users to decide whether to move assets to licensed platforms, withdraw to self-custody, or wait for wind-down instructions.

As a result, several licensed crypto trading platforms are scrambling to turn that uncertainty into growth by offering bonuses, deposit matches, and prize incentives…