France · European Union · Financial Times · CoinDesk
Binance tells EU users it will no longer provide services after failing to secure MiCA license
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Binance, the world's largest crypto exchange by trading volume, told customers in the European Union (EU) it is suspending some services because it will not have a Markets in Crypto-Assets (MiCA) license in place by July 1.
Key facts
- Crypto firms must have a MiCA license from at least one EU member state by July 1 to provide services across all 27 member states
- Binance, the world's largest crypto exchange by trading volume, told customers in the European Union (EU) it is suspending some services because it will not have a Markets in Crypto-Assets (MiCA)
- The emails to clients in France, Italy, Poland and Spain come days before a June 30 deadline
- On Thursday, the company said it withdrew its license application in Greece and would seek authorization in another EU country
Summary
Binance has told customers in several EU countries that it will restrict services because it will not have the required Markets in Crypto-Assets (MiCA) license by the July 1 deadline. The exchange, which has halted new registrations in the bloc, says users’ assets remain safe and accessible as it winds down unlicensed EU activities. After withdrawing a MiCA application in Greece, Binance plans to seek authorization in France, saying it remains confident it will secure an EU license in the coming months, the FT reported. Users were emailed to notify them the exchange was no longer able to accept new registrations and would restrict services, a spokesperson for the Abu Dhabi-based company told CoinDesk.