Binance told customers across several European Union countries it will suspend services from July 1 after failing to secure a Markets in Crypto-Assets (MiCA) license before the bloc’s regulatory deadline, severing the world’s largest crypto exchange by trading volume from its biggest regional user base.
The Abu Dhabi-based exchange has stopped accepting new registrations in the EU and emailed clients in France, Italy, Poland and Spain ahead of a June 30 cutoff, a company spokesperson confirmed. A crypto firm needs MiCA authorization from a single member state to passport services across all 27 EU countries, and any provider without that license must wind down its EU activities once the transition period closes, a squeeze that has left a majority of EU crypto users on platforms still racing to comply.
Greek Withdrawal Forces a New Licensing Route
Binance withdrew its MiCA application in Greece earlier in the week after months of talks with the Hellenic Capital Market Commission produced no formal decision, then signaled it would pursue authorization elsewhere. The exchange had selected Greece as its European regulatory base earlier this year, citing the country’s talent pool and security profile, before reported resistance to its approval clouded the bid. It intends to approach France next, the Financial Times reported, citing people familiar with the plans.
According to a report seen by FinanceFeeds, Binance positioned the withdrawal as a delay rather than a departure from the region.
“Our ambitions in Europe remain the same, and we are confident we will secure a MiCA licence in the coming months,” the company said.
The exchange moved to reassure users their funds were not at risk as it scales back. “Your assets remain safe and secure, and will remain accessible at all times,” the firm said in its email to clients. The notices followed an earlier message to French users that the company’s local entity “is no longer in a position to accept new clients and from July 1, 2026, will no longer [provide] crypto asset services in France,” with similar communications later sent to affected users in other EU markets.
CZ and Rivals Trade Blows Over the Exit
Binance founder Changpeng Zhao criticized the European Union’s enforcement of the deadline in a post on X, casting the shutdown as a loss for European users rather than for the exchange. “Sad to see EU cutting their users off from the best liquidity in the world. Liquidity is the best consumer protection. Hope to see things change in the future,” he wrote, recasting the trading depth Binance offers as a form of investor protection that MiCA now removes from the bloc’s residents.
OKX founder Star Xu seized on the comment to attack his rival’s compliance record, writing on X,
“This is Binance’s philosophy of doing business. They ignore laws and regulations, while misleading the public with bullshits.”
Xu’s exchange cleared MiCA ahead of the deadline, joining Coinbase, Crypto.com and Kraken among the authorized venues, with Kraken licensed through Ireland’s central bank. Binance is the largest exchange left operating without authorization as the cutoff arrives.