Binance, the world's largest cryptocurrency exchange by trading volume, has announced it will suspend crypto asset services across several European Union countries beginning July 1 after failing to obtain the regulatory approval required under the EU's new Markets in Crypto-Assets (MiCA) framework.
The company confirmed it had previously applied for a MiCA licence in Greece but has withdrawn the application after determining that the approval process would not be completed before the June 30 regulatory deadline. Binance said it now intends to pursue authorisation through another EU member state to restore its operations across the bloc.
In a notification sent to customers, Binance informed users that its French entity would no longer be able to onboard new clients and would discontinue crypto asset services from July 1. The exchange later clarified that the restrictions extend beyond France and apply to multiple affected EU markets.
Despite the suspension, Binance assured customers that their digital assets would remain fully accessible throughout the transition.
"Our users' assets remain safe and secure and will continue to be available at all times," the company said.
The suspension follows the implementation of the European Union's MiCA regulation, which came into force in 2024 to establish a unified legal framework for crypto assets across all member states. The regulation introduces stricter licensing requirements, investor protection standards, and anti-money laundering obligations for digital asset service providers operating within the EU.
Crypto exchanges were granted a transition period until June 30, 2026, to obtain regulatory authorisation from a national financial authority. However, only a limited number of firms have successfully secured approval before the deadline.
Explaining its decision, Binance said it had worked closely with Greek regulators throughout the licensing process but chose to withdraw its application after concluding that approval was unlikely to arrive before the transition period expired.
The company stated that pursuing authorisation through another European jurisdiction would provide greater regulatory certainty while supporting its long-term compliance strategy within the European market.
The latest development adds to a series of regulatory challenges faced by Binance in recent years. Founded in 2017, the exchange quickly became the dominant player in the global cryptocurrency market after relocating its operations outside China following Beijing's crackdown on digital assets.
Since the broader cryptocurrency market downturn in 2022, Binance has faced increased scrutiny from financial regulators worldwide. Authorities in multiple jurisdictions have investigated the company over alleged anti-money laundering compliance failures, while French authorities continue to conduct an ongoing investigation into the exchange's operations.
In the United States, Binance founder and former Chief Executive Officer Changpeng Zhao pleaded guilty in 2023 to violating anti-money laundering laws and served a four-month prison sentence in 2024.
The temporary suspension across several EU countries represents another significant regulatory hurdle for Binance as it works to secure a compliant pathway under Europe's new crypto regulatory framework. The company has indicated that it remains committed to returning to the European market once the necessary licensing requirements have been fulfilled.
