Binance to Halt EU Services

Binance, the world’s largest cryptocurrency exchange, has told customers in the European Union that it will stop providing services from next week, according to the Financial Times. The decision comes ahead of the 1 July deadline for crypto companies operating in the EU to hold a license under the Markets in Crypto-Assets regulation, known as MiCA.

Binance failed to secure authorization in Greece and is now seeking a license through France, a process expected to take several months. Users in Poland, Italy, Spain and France have already received instructions from the company on how to proceed.

Binance said client assets remain safe and that Europe continues to be a key market. The company added that it expects to obtain a MiCA license in the coming months. The setback is damaging for Binance, which has sought to present itself as a company committed to regulatory compliance.

In 2023, Binance agreed to pay a $4.3bn penalty in the United States over money-laundering violations. Its founder, Changpeng Zhao, served four months in prison and was later pardoned by Donald Trump.

The company has been restricted in the United Kingdom since 2021 and remains under investigation in France over allegations related to tax fraud and drug trafficking.

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