Key Highlights
- BingX EU secured authorization under the EU’s Markets in Crypto-Assets Regulation (MiCA) from Austria’s Financial Market Authority.
- The company plans to offer crypto services in 29 European Economic Area (EEA) countries, subject to applicable passporting requirements.
- Its planned services include crypto custody, exchange and brokerage, but the initial rollout has not been detailed.
BingX EU, the European arm of crypto exchange BingX, has received authorization under the EU’s Markets in Crypto-Assets Regulation (MiCA) from Austria’s Financial Market Authority (FMA).
In an October 14 announcement, the company said the authorization would support its plans to offer crypto services across 29 European Economic Area (EEA) countries. The expansion remains subject to applicable regulatory and passporting requirements.
BingX EU plans custody and exchange services
BingX EU operates through MEGE zweite GmbH, a Vienna-based entity. According to the company, its planned services include crypto custody, exchange and brokerage.
The company said it would continue working with Austria’s FMA and other European regulators as it prepares to introduce the services. It has not specified which offerings will become available first.
Under MiCA, an authorized crypto-asset service provider can seek to offer eligible services in other EEA jurisdictions through the applicable passporting process. BingX EU said its planned expansion would cover 29 EEA countries, subject to the required arrangements. The company has not announced a launch date for the services.
BingX EU CEO comments on MiCA authorization
Daniel Lai, CEO of BingX EU, said the company aims to provide European users with a locally regulated trading experience.
“Operating under MiCAR will allow us to deliver our services under a clear regulatory framework that gives users confidence while supporting the long-term development of Europe’s digital ecosystem,” Lai said.
He added that the company intends to maintain security, transparency and accountability as it develops its European offering.
BingX EU’s application was at an advanced stage in June
The authorization follows an earlier stage in BingX EU’s regulatory process. In a June 16 update, the company said its application to Austria’s FMA had reached an advanced stage but had not yet been approved.
On July 1, Finance Magnates tested exchange sign-up flows from EU IP addresses and reported that it could not register a new BingX account, with no visible workaround offered. The test covered only the initial registration step, not existing accounts.
July 1 marked the EU-wide end of MiCA’s transitional period. ESMA had confirmed in April that the date was final with no extensions, after which firms without authorization could no longer serve EU clients. Some member states ended their own transitional windows earlier.
BNY and Ripple have also secured European authorizations
Other digital asset companies have obtained regulatory authorizations in Europe, although their approved activities differ from BingX EU’s planned services.
On October 8, BNY expanded its digital asset custody platform to select institutional clients in the EU. The move followed the addition of its European banking entity, The Bank of New York Mellon SA/NV, to ESMA’s MiCA register in July. That registration allows it to provide custody, administration and transfer services for crypto-assets, including Bitcoin, Ether, Solana and USDC.
On July 6, Ripple received CASP authorization from Luxembourg’s Commission de Surveillance du Secteur Financier (CSSF). The authorization, alongside Ripple’s existing electronic money institution license, supports its digital asset services and institutional payment infrastructure across all 30 EEA countries.
While BNY’s authorization focuses on institutional custody and Ripple’s covers its digital asset services, BingX EU plans to offer custody, exchange and brokerage services through its European platform.
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