Binance Stops Serving EU Users After License Slip‑Up

Binance has announced that it will no longer offer services to customers in the European Union starting next week. The decision comes because the company failed to secure a required licence under the EU’s new Markets in Crypto‑Assets Regulation, which all crypto firms must obtain by July 1. The exchange’s attempt to get a licence that covers the whole bloc fell through in Greece last week. Without this approval, Binance cannot legally operate across EU borders. In a statement to CNBC, the firm said it will try to obtain permission in another member state instead. Reports suggest that France may be the target, but approval is unlikely before the July deadline. Customers in Poland, Italy, Spain and France—places where Binance already holds local licences—have received emails telling them how to withdraw their funds. The company said it would keep users informed about any impact and the next steps. It also assured that it plans to meet all regulatory requirements before July 1, and remains optimistic about gaining a licence in the coming months.

The news has opened the door for other crypto exchanges that already comply with EU rules. Bitpanda’s founder, Eric Demuth, highlighted how the company prioritises trust and regulatory adherence. OKX’s Star Xu also promoted his firm as a trustworthy provider of crypto and fintech services on social media. Binance’s troubles are part of a broader pattern of regulatory scrutiny. The exchange has faced investigations and criminal charges in recent years, including a UK ban since 2021. In 2023 it pleaded guilty to money‑laundering and sanctions violations, paying more than $4. 3 billion in fines to U. S. authorities. French officials last year opened a judicial probe, alleging the firm aided money laundering—claims Binance denied.

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