MICA will override existing laws that individual countries have on this matter
Binance and Coinbase will definitely have to attempt to get the MICA license. Binance will probably struggle a bit due to their history.
If they get the license, it will greatly restrict what the product is for EU users. MICA licensed exchanges won't be able to offer perps / futures, for example.
the license is arguably more of a death sentence. Only the big exchanges in the limelight will go for it. And they will potentially struggle to get it with their "shady" history and previous legal pressure
Its not great because if you get license - yes you can market to EU users, but you have to greatly restrict the product for them. With MICA license, that means no perps, and no new products to those users.
There's an altnerative license which would allow low leverage perps, but has its own restrictions
nah this isn't as scary as it seems. It basically means you can't directly solicit to an EU based audience:
1) don't use local langauges (aside from ENG)
2) Don't use phrases like "hey if you're based in europe, sign up here!"
If you avoid those 2, you can still promote to EU. This is the play a lot of exchanges are taking, its reverse soliciation. Legally compliant, you don't have to restrict product in EU, and can still grow outside of ref links
8/ and many more currently trading away on WOO X’s Social Trading
This is only the start - WOO X will be the leading venue for social trading, the only platform where you can counter trade those you think are LARPs or copy the certified chads
Desktop coming soon, more data on each trader coming soon, and LOTS of new features (including WOO token utility) - part of our product teams work to create a copy trading platform that’s genuinely different.
Been a busy few weeks (as usual) at WOO X as we put out a major product launch
Our social trading is already making a name for itself… maybe because you can actually counter trade people, not just copy. We don’t pretend everyone is an expert trader, instead we give you the transparency, data, and tools to make your own decisions.
Here’s some of the chads already making a name of themselves, in just the first week:
Woah!
@_WOO_X continues to be CT friendly lmeow.
A copytrading feature, which also lets you countertrade your "favorite" influencer😆.
Opens up so many possibilities, download their app to get started.