The Binance cryptocurrency exchange is changing its operations in Europe due to MiCA regulations
The Binance cryptocurrency exchange has warned customers in European Union countries about temporary restrictions on some of its services due to new regulatory requirements. The reason is the lack of a license under the updated MiCA rules, which are taking effect in the EU. The company is already looking for another country to obtain a license and is trying to maintain access to the European market.
Binance has informed its customers in the European Union that some of its services may be temporarily unavailable as early as next week. The reason is simple yet critical for the market: the company does not yet have a full license to operate under the new EU rules. This refers to the MiCA regulation, which requires all crypto companies operating in the European Union to obtain official authorization by July 1. Without it, companies face fines or operational restrictions, and Binance has fallen into this risk category.
According to the Financial Times, the company’s application in Greece was recently rejected. Following this, Binance began preparing a new attempt—this time through France, where consultations regarding a potential license had already taken place. The company itself confirmed that the process is ongoing and that it has no plans to take drastic measures. They stated: “Europe remains an important market for Binance, and our commitment to a clear, fair, and harmonized MiCA framework remains unchanged. We are confident that we will obtain a MiCA license in the coming months.”
At the same time, users in several EU countries—including Poland, Italy, Spain, and France—have already received letters with recommendations regarding the possible withdrawal of funds. Binance emphasizes that this is a precautionary measure and that customer funds remain secure. The company also stressed: “User assets remain safe and secure.” At the same time, Binance clarified that it is not forcing customers to withdraw funds immediately before July 1.
According to sources, the exchange is simultaneously trying to convince regulators in Greece by offering to expand its presence—from opening an office to hiring staff and making potential investments in the country. But according to the FT, these arguments have failed to convince regulators due to concerns about compliance and anti-money laundering.
In effect, Binance finds itself in a situation where the European market remains key, but the rules of the game have become stricter. And now the company will have to either adapt quickly or temporarily lose part of its operations in the region.
The crypto exchange is currently refraining from disclosing details of its negotiations with European governments. The company has released an extended statement regarding the current situation and its future plans in the EU market.
“We do not comment on our ongoing interactions with regulators or internal discussions regarding specific jurisdictions, except for what we announce publicly. Our focus remains on obtaining MiCA authorization in the EU, and we are committed to operating within a fair, predictable, and truly harmonized European regulatory framework. As previously reported, following the withdrawal of our MiCA application in Greece, we are working to obtain authorization in another EU member state,” the platform’s press office stated.
Representatives of the crypto exchange also assured that, regardless of how the situation develops, user interests will remain the top priority, and customers will be informed of any changes in advance.
“Users’ assets remain safe and secure. If regulatory changes affect any users, we will notify them directly and provide clear instructions on the next steps for their accounts. We will continue to keep users informed of progress and will publicly announce further updates as appropriate,” Binance concluded.
This was reported by the Financial Times.
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