The gateway is in Vienna. According to Journal du Coin, BingX’s European entity has secured its MiCA authorisation from the Austrian Financial Market Authority (FMA). The authorisation was granted to MEGE zweite GmbH, the Vienna-based company that operates BingX EU, Journal du Coin and Fintechnews Switzerland report. Once the passporting notifications have been made, the platform will be able to offer its services in 29 countries of the European Economic Area (EEA).

What the MiCA authorisation covers

According to Journal du Coin, the authorisation falls under Article 63 of the MiCA regulation, which governs the authorisation of crypto-asset service providers (CASPs). The text gives the national authority twenty-five working days to declare an application complete, then forty working days to rule on the merits; theoretical deadlines that applicants far exceed in practice, the outlet notes.

Four activities are covered: custody and administration of crypto-assets on behalf of clients, exchange for funds, exchange for other crypto-assets and transfer on behalf of third parties. Operating a trading platform is not included. Derivatives also remain out of scope: they fall under the MiFID II directive rather than MiCA, Journal du Coin points out. The distinction matters for a platform known for its perpetual futures and copy trading.

According to Fintechnews Switzerland, the European entity will serve both retail and institutional investors. “Operating under MiCA will allow us to deliver our services within a clear regulatory framework that gives users confidence while supporting the long-term development of Europe’s digital ecosystem,” says Daniel Lai, CEO of BingX EU, in the press release quoted by Journal du Coin.

How the European passport works

The principle is simple: as Fintechnews Switzerland explains, a company authorised in one member state can extend its services to the other EEA countries without obtaining a separate national licence. That does not make the opening automatic, however. BingX EU still has to notify its passport in each of the 29 target countries before launching its services there, Journal du Coin stresses. Until then, the company says it intends to continue working with the FMA and other European regulators, Fintechnews Switzerland reports.

The timetable is pushing platforms to get compliant. The last national window of the MiCA transition period closed on 1 July; since then, no platform may solicit a client in the EEA without an authorisation or without relying on an entity that holds one, Journal du Coin notes.

Vienna rather than Malta or Luxembourg

The choice of Austria is not an isolated one. Bybit set up its European headquarters in Vienna after obtaining the same authorisation from the FMA in May 2025, while Coinbase went through Luxembourg, Kraken through Ireland and OKX through Malta, Journal du Coin recalls. The outlet also mentions that in July 2025, ESMA criticised the Maltese authority for authorising a provider while several points in the application remained unresolved.

The authorisation comes with obligations. Article 75 of the regulation makes the custodian liable for losses of crypto-assets attributable to its own failure, up to their market value, and client assets must be segregated from the platform’s own funds. BingX knows the issue well: in September 2024, one of its hot wallets was drained, for an amount estimated at between 43 and 52 million dollars by the analytics firms PeckShield and Cyvers, according to Journal du Coin. The platform then announced that it would cover all losses from its own reserves.

Why Switzerland is not covered

The MiCA passport applies to the European Economic Area. Switzerland is not part of it: BingX EU’s Austrian authorisation and its passporting notifications therefore do not extend to the Swiss market. The sources do not specify BingX’s situation in Switzerland.

Founded in 2018, the platform claims more than 40 million users, according to Journal du Coin. Its European press release itself states that it “constitutes a marketing communication within the meaning of MiCAR” and does not constitute investment advice.

Sources