Binance to stop serving EU customers after failing to get licence - report

(Sharecast News) - Crypto exchange Binance has reportedly told its EU customers that it will stop providing services to them from next week because it will not be licensed to operate in the region.

From 1 July, all crypto companies operating in the EU must hold a licence under the bloc's Markets in Crypto-Assets Regulation or risk being penalised.

According to the Financial Times, citing people familiar with the company's thinking, Binance's application in Greece for a bloc-wide licence was rejected last week, less than a fortnight before the deadline comes into force, and the exchange now plans to apply through France, where it has previously been in talks about a licence.

However, even if approved, any licence is likely to come well after the 1 July deadline and in the meantime the exchange is not allowed to serve EU customers.

Binance customers in Poland, Italy, Spain and France have received emails this week telling them how to withdraw their money from the exchange because the company "will not be granted a MiCA licence by 30 June 2026", the FT said.

Binance said the company did not receive a formal decision on its application in Greece and so "took the prudent decision to withdraw the Greek application and pursue authorisation in another EU member state".

"Europe remains an important market for Binance, and our commitment to a clear, fair and harmonised MiCA framework is unchanged. We are confident we will secure a MiCA licence in the coming months and will announce the relevant member state when ready," it said.

"Some users may be impacted before July 1, and we are communicating directly with affected users - we are not telling users to withdraw their funds by July 1. User assets remain safe and secure," it added.