Binance to suspend crypto services across the EU after failing to secure MiCA licence by the 30 June deadline

The regulatory deadline

Binance, the world's largest cryptocurrency exchange by volume, will suspend services in multiple European Union countries from 1 July 2026 after failing to obtain a licence under the bloc's Markets in Crypto-Assets (MiCA) regulation. The transitional period for MiCA compliance ends on 30 June, and Binance has not secured authorisation from any EU member state regulator. The company confirmed that from 1 July, operations will be limited to reducing positions and withdrawing assets, with no new user onboarding or trading.

Binance's Greek application withdrawn

Binance had applied for a MiCA licence solely in Greece but withdrew that application this week, citing the absence of a formal decision as the deadline approached. The company described the move as a "prudent decision" and stated it will seek authorisation in another EU member state, without naming which one. The Greek regulator, the Hellenic Capital Market Commission, had not responded to requests for comment by Thursday evening.

Binance has withdrawn its MiCA licence application in Greece and will seek authorisation in another EU member state.

Impact on users

Binance France notified its clients by email on Wednesday that it can no longer accept new users and will cease offering crypto services in France from 1 July. Similar communications were sent to users in other affected EU markets, including Spain, Belgium and Portugal. The company stressed that the suspension does not mean confiscation of assets, but users must move their funds before the deadline to avoid technical complications. Spanish financial daily La Razón outlined three main exit routes: SEPA bank transfers after selling crypto, transfers to another MiCA-licensed exchange, or on-chain withdrawals to a private wallet.

This is not limited to France; similar communications have been sent to affected users in other EU markets.

Regulator response

Spain's National Securities Market Commission (CNMV) has ruled out any extension or exception to the 30 June cut-off. President Carlos San Basilio, speaking at an economic forum on Friday, said the supervisor is in contact with unlicensed entities to ensure an orderly wind-down that protects client rights. The CNMV estimates that more than half a million Spanish users could be affected. Across the EU, only 14 crypto-asset service providers have been approved so far, with another six having notified their interest and 15 to 20 applications still pending.

An extension is out of the question, there are no exceptions. What we do have is a concern about how the end of the transitional period will unfold. We are in communication with entities that have not obtained the licence so that they can unwind their operations in the most orderly way possible, guaranteeing clients' rights.

Broader industry shakeout

MiCA, which entered into force at the end of 2024, imposes harmonised rules on investor protection and anti-money laundering for crypto firms operating in the EU. The majority of platforms are expected to miss the deadline or have not applied at all. Binance's complex corporate structure, headquartered in Abu Dhabi, and ongoing legal troubles (a French investigation into fund-control failures and a 2024 US conviction of former CEO Changpeng Zhao for anti-money laundering violations, later pardoned by President Donald Trump) added to the scrutiny it faced from European supervisors.