Binance to Restrict EU Onboarding and Services From July 1 Under MiCA

Binance will restrict access to key services for its European Union users starting July 1 after failing to obtain authorization under the EU's Markets in Crypto-Assets regulation. The exchange withdrew its MiCA license application in Greece and is advising users to move their funds to self-custody wallets or alternative platforms.

The restrictions will affect new user onboarding and certain existing services, though the company has not specified which features will be cut. The move follows a broader retreat from European regulatory alignment. Binance had previously applied for a MiCA license through its Greek entity but pulled the application, leaving it without a clear path to operate under the bloc's unified crypto regime.

For EU users, the practical effect is that Binance will no longer be a viable on-ramp for new accounts. Existing users may face reduced functionality, though the exchange has not detailed the scope. The July 1 deadline is the first phase of MiCA's implementation, which requires all crypto-asset service providers operating in the EU to hold a license from a member state. Without one, exchanges must wind down their European operations or face enforcement.