Binance will suspend EU crypto services from July 1 after failing to secure MiCA authorization. Users can still withdraw, but new onboarding is halted as the exchange pursues approval in France.
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Binance will suspend cryptocurrency services for customers across most of the European Union beginning July 1. The world's largest exchange failed to secure a license under the bloc's new Markets in Crypto-Assets (MiCA) rules.
The company withdrew its application in Greece after regulators signaled approval was unlikely before the June 30 deadline, the Financial Times reported. Without authorization from an EU member state, Binance can no longer offer regulated crypto services in the 27-nation bloc once MiCA takes full effect. The rules replace fragmented national registrations with a single licensing regime covering exchanges, stablecoins, custody, and consumer protection.
Industry estimates put the number of crypto firms affected by the new regime at more than 1,200. Fewer than one in five had secured MiCA authorization before the deadline, according to Euronews.
Existing Binance users can still withdraw funds and hold assets. New user onboarding has already been suspended. Several trading and investment services will be restricted starting July 1 until regulatory approval is obtained, according to company notices summarized by CoinDesk.
The suspension is a direct hit for Binance, which still accounts for roughly 39% of global centralized crypto trading volume. Losing access to one of the world's largest regulated crypto markets is a serious blow, especially as competitors move in. Coinbase and OKX have already started targeting EU-based Binance users ahead of the MiCA deadline, and the European securities regulator has ordered unauthorized firms to wind down operations.
Binance said it intends to pursue MiCA authorization through France. Regulatory approval is unlikely before the July implementation deadline, analysts at BeInCrypto noted. Customer funds remain secure, the exchange said. The French registration process will determine when – or if – Binance returns to the EU market.
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