Binance Europe services will stop next week after the world’s largest crypto exchange failed to secure a MiCA license before the EU deadline.
Crypto exchange Binance has told EU customers that it will stop providing services to them from next week because it won’t be licensed under the Markets in Crypto-Assets Regulation (MiCA), the Financial Times has learned.
Starting from July 1, crypto companies operating in the EU must hold a MiCA license or risk penalties. Binance had tried to secure a bloc-wide license through Greece, but that application failed less than two weeks before the deadline.
Now, Binance is set to try obtaining a license via France, where it had previous discussions regarding its license application, the FT reported, citing sources close to the situation. But any such license would most likely be obtained after the July 1 deadline.
Read more: Binance Looks for New EU Route After Greece License Bid Fails
Binance Notifies Users in Four Countries
Binance customers in Poland, Italy, Spain and France have received emails explaining how to withdraw their money, the report reads.
The exchange said it didn’t receive a formal decision on its Greek application and therefore “took the prudent decision to withdraw the Greek application and pursue authorisation in another EU member state.”
The exchange added it is “confident we will secure a MiCA licence in the coming months and will announce the relevant member state when ready.”
The failed attempt in the EU marks yet another failure of the exchange as it tries to position itself as a regulated business following numerous years of trouble in this area.
In 2023, Binance pleaded guilty to U.S. criminal charges tied to money laundering and sanctions violations and agreed to pay more than $4.3 billion in penalties. Founder Changpeng Zhao stepped down as chief executive and later served four months in prison.
Binance tried to win approval in Greece by promising to hire staff, open an office and bring billions of euros in investment to the country.
But people familiar with the process told the FT that the Greek application was rejected over concerns including money-laundering controls and whether Zhao passed the “fit and proper” test.
Read more: Changpeng Zhao (CZ) After Binance: What Is He Doing in 2026?
