Binance suspends EU services after missing MiCA deadline

Binance told customers in the European Union it will begin restricting services because the exchange will not have a Markets in Crypto-Assets (MiCA) license in place by the July 1 deadline.

Users received emails saying the exchange can no longer accept new registrations and will limit existing services. "Your assets remain safe and secure, and will remain accessible at all times," the message said, according to a company spokesperson who spoke with CoinDesk.

On Thursday, Binance withdrew its license application in Greece and said it would seek authorization in another EU country. "Our ambitions in Europe remain the same, and we are confident we will secure a MiCA licence in the coming months," the exchange told CoinDesk in a statement.

The Financial Times reported Friday, citing people familiar with the company's plans, that Binance intends to approach France instead. The emails went to clients in France, Italy, Poland and Spain.

Crypto firms must hold a MiCA license from at least one EU member state by July 1 to offer services across all 27 member states. Firms without a license must wind down their EU activities. Binance's current applications in Greece, Italy, Poland, and Spain have been withdrawn or lapsed, leaving a gap in its European coverage.

The exchange has not said how long the restriction period will last or when it expects to secure a license via France. France's financial regulator, the Autorité des Marchés Financiers, has previously registered Binance as a digital asset service provider but not under MiCA.

The shift means Binance users in the EU will lose access to spot trading, derivatives, and custodial services through the main exchange during the interim. The company's peer-to-peer platform and its regulated entities outside the EU are not affected.