Binance notified customers in France, Italy, Poland, and Spain on June 26 that it will suspend services after failing to secure a Markets in Crypto-Assets (MiCA) license before the July 1 hard deadline, CoinDesk reported. The world's largest exchange by trading volume will halt new EU user registrations and restrict some services; unlicensed firms must cease EU operations when MiCA takes full effect on July 1.
Binance told affected customers their holdings are not at risk. "Your assets remain safe and secure, and will remain accessible at all times," the exchange said in its notification, per CoinDesk.
The suspension notice follows Binance's June 24 withdrawal of its MiCA application from Greece's Hellenic Capital Market Commission. The company cited "the lack of a formal decision as the MiCA transition period comes to an end," according to a Binance statement. Binance had chosen Greece as its EU licensing base in January, after approaches to Ireland and Latvia failed; regulators in both countries cited the exchange's past anti-money-laundering penalties, its complex corporate structure, and what they called a risk-taking culture, The Block reported.
CoinDesk reported that Binance now plans to seek authorization in France, though the company's own statement named only "another EU Member State" without specifying a jurisdiction.
Co-CEO Richard Teng said on June 24 that the exchange remains committed to Europe. "We remain committed to securing a MiCA license in the coming months, while providing clarity, minimizing disruption, and keeping users informed directly," Teng said, per The Block. Two days later, the suspension notices went out.