Binance to halt EU services after MiCA application setback, plans fresh bid from France
Binance, the world’s largest cryptocurrency exchange, is set to stop offering services across the European Union next week after failing to secure a Markets in Crypto-Assets (MiCA) license, the Financial Times reports.
The exchange had applied for an EU-wide MiCA authorization through Greece, but that application was rejected last week. Binance says it never received a formal decision from Greek authorities and has chosen to withdraw and refile in another member state. Sources close to the matter told the FT the rejection was driven by regulatory concerns about the exchange’s anti-money‑laundering controls and whether CEO Changpeng “CZ” Zhao meets the EU’s “fit and proper” criteria for senior managers.
Binance confirmed it now plans to apply in France. That path, however, collides with a hard deadline: MiCA comes into force on July 1, and any crypto service provider operating in the EU must hold a MiCA license from that date. Even if Binance’s French application is ultimately approved, it is unlikely to be completed before July 1 — meaning the exchange would be barred from providing services inside the EU while it waits.
The company already holds local licenses in Poland, Italy, Spain and France, but those national permissions do not substitute for a MiCA authorization once the regulation takes effect. Binance has begun emailing customers in those countries with withdrawal instructions as it prepares to suspend EU operations.
A Binance spokesperson said: “Europe remains an important market for Binance, and our commitment to a clear, fair and harmonized MiCA framework is unchanged. We are confident we will secure a MiCA license in the coming months and will announce the relevant member state when ready.”
The sudden pause carries risks for Binance’s European business: users may migrate to rival platforms while the exchange waits for regulatory approval, and a prolonged absence could weaken its market position on the continent. Regulators and industry participants will be watching closely as Binance pursues a new application and as MiCA’s July 1 enforcement reshapes EU crypto markets.
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