The crypto exchange will cease operations for EU users next week following regulatory setbacks under new EU crypto rules.
Binance will stop serving clients in the European Union starting next week after failing to secure a Markets in Crypto-Assets (MiCA) licence. The exchange’s application for a bloc-wide licence in Greece was rejected last week, prompting a shift to apply through France instead. Under MiCA, crypto firms must obtain a licence by July 1 or face penalties.
Customers in Poland, Italy, Spain, and France have received withdrawal instructions, though Binance stated it is not requiring users to withdraw funds by the deadline. The exchange assured that user assets remain secure. Some users may experience service disruptions before July 1 as the transition unfolds.
The move follows heightened regulatory scrutiny in the EU, where MiCA aims to standardize crypto operations. Binance’s exit from several EU markets underscores the challenges exchanges face under the new framework.