Binance tells EU users it will no longer provide services after failing to secure MiCA license

Binance, the world’s largest crypto exchange by trading volume, told customers in the European Union (EU) it is suspending some services because it will not have a Markets in Crypto-Assets (MiCA) license in place by July 1.

Users were emailed to notify them the exchange was no longer able to accept new registrations and would restrict services, a spokesperson for the Abu Dhabi-based company told CoinDesk. “Your assets remain safe and secure, and will remain accessible at all times,” the email said.

On Thursday, the company said it withdrew its license application in Greece and would seek authorization in another EU country.

“Our ambitions in Europe remain the same, and we are confident we will secure a MiCA licence in the coming months,” Binance said in a statement to CoinDesk.

The exchange intends to approach France instead, the Financial Times reported Friday, citing people familiar with the company’s plans.

The emails to clients in France, Italy, Poland and Spain come days before a June 30 deadline. Crypto firms must have a MiCA license from at least one EU member state by July 1 to provide services across all 27 member states. Unlicensed firms must wind down their EU activities.