Binance has started telling European Union users it will wind down services in the bloc after failing to secure a license under the Markets in Crypto-Assets framework, the realization of an EU-exit risk that surfaced earlier this month.
The world's largest exchange emailed customers in France, Italy, Poland and Spain that it can no longer accept new registrations and will restrict services, CoinDesk reported Friday, citing a company spokesperson. The notices land days before a June 30 cutoff: under MiCA's transitional schedule, crypto firms must hold a license from at least one EU member state by July 1 to serve residents across the bloc, and unlicensed firms must wind down their EU activities.
The user notices follow Binance's withdrawal of its MiCA application in Greece on Wednesday, after the Hellenic Capital Market Commission left the filing without a formal decision as the transition period closed. Binance said it will instead pursue authorization in another EU member state, which it has not yet named.
Binance framed the wind-down around continuity of access in a blog post to European users.
"Your assets remain safe and secure, and will remain accessible at all times," the exchange wrote, adding that "some users may be impacted depending on their country and account status, and we will communicate directly with affected users on next steps and available options."
