Binance has 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.
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. The exchange had selected Greece as its European regulatory base earlier this year before reported resistance to its approval clouded the bid. It intends to approach France next, the Financial Times reported.
According to a report seen by FinanceFeeds, Binance positioned the withdrawal as a delay rather than a departure. “Our ambitions in Europe remain the same, and we are confident we will secure a MiCA licence in the coming months,” the company said. In emails to users, it added: “Your assets remain safe and secure, and will remain accessible at all times.”
CZ and Rivals Trade Blows Over the Exit
Binance founder Changpeng Zhao criticized the EU’s enforcement of the deadline on X, calling the shutdown a loss for European users. “Sad to see EU cutting their users off from the best liquidity in the world. Liquidity is the best consumer protection,” he wrote, recasting Binance’s trading depth as a form of investor protection that MiCA now removes from the bloc’s residents.
OKX founder Star Xu fired back: “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. Binance is the largest exchange left operating without authorization as the cutoff arrives.