Binance will discontinue all services for EU customers as of 1 July 2026. The decision follows the collapse of its MiCA license application in Greece. Customers in France, Poland, Italy and Spain have already received emails urging them to withdraw their balances.
MiCA, the Markets in Crypto-Assets Regulation, has provided the EU-wide unified legal framework for crypto service providers since December 2024. A CASP license in a single member state grants passporting rights across all 27 EU states. A rejection therefore works in mirror image and blocks the entire single market at a stroke. Binance did hold national registrations in France, Poland, Italy, Spain, Sweden and Lithuania, yet these establish no passporting rights. As a result, the company had only one active authorization attempt under the new regime. It had filed that application in Greece in January 2026. Until the expiry of the 18-month MiCA transition period under Article 143, unlicensed providers were tolerated. This period began at the end of December 2024. As of 1 July 2026, however, operating without a CASP license inside the EU is unlawful.
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AML concerns end the Greek MiCA application
Binance originally filed the MiCA application with the Greek supervisory authority, the Hellenic Capital Market Commission (HCMC), in January 2026. Co-CEO Richard Teng publicly expressed confidence in February that approval would follow. The mandatory 40-day review phase initially ended in early June without formal challenges. During this phase, other European authorities can raise objections. The path to approval thus appeared largely clear.
In mid-June, the situation shifted. Reuters reported, citing anonymous sources, that the HCMC was preparing to reject the application. Greek, Irish and Latvian authorities had moreover jointly raised concerns about money laundering prevention and questions about the corporate structure. Binance disputed the report. The company stated that the HCMC had assessed the application as MiCA-compliant and planned approval at the next board meeting. On 24 June, the company ultimately withdrew the application itself. By its own account, it acted after careful consideration of the status and timeline of the Greek procedure. There was never a formal HCMC decision; only the voluntary withdrawal is certain.
The structural background lies in Binance's compliance history. In 2023, the company pleaded guilty in the United States to violations of money laundering and sanctions laws. The penalty paid to US authorities amounted to USD 4.3 billion. Founder Changpeng Zhao furthermore served a four-month prison sentence in 2024 for money laundering violations. In October 2025, US President Donald Trump pardoned him; he still holds around 90 percent of the shares in Binance. Media reports claimed that ECB President Christine Lagarde had pushed the Greek government toward rejection. Neither the ECB nor Athens confirmed this.
Service shutdown from 1 July in four markets
In the week beginning 23 June, Binance sent emails to customers in Poland, Italy, Spain and France. The messages contained concrete instructions for withdrawing balances. Anyone holding an account there must therefore transfer their holdings before the deadline. A personal wallet or a licensed provider serves as the destination. Writing to its French customers, the provider stated that Binance France would no longer offer crypto services there. That change takes effect as of 1 July 2026. The company is already no longer accepting new customers. Consequently, regular operations are ending in precisely those four markets that previously relied on national registrations.
Legally, the MiCA transition period forces this step. As of 1 July, operating a crypto service business without a CASP license is impermissible across the EU. In France, violations additionally carry up to two years in prison and a fine of EUR 30,000. Publicly, the company nevertheless maintains a different reading. Speaking to CNBC, it emphasized that it would take the necessary steps toward compliance before 1 July. This account, however, contrasts with the deregistration emails that effectively announce the end of services.
France as the next attempt for the MiCA license
The subsidiary Binance France SAS initially serves as the starting point for a possible return. It has held a DASP registration with the French supervisory authority AMF since May 2022. That label stands for Digital Asset Service Provider. This registration, however, does not cover a MiCA CASP license, which EU-wide operations would require. Speaking to CNBC, Binance announced that it would seek approval in another EU member state going forward. The Financial Times reported, citing people familiar with the company, that Binance intends to file a MiCA application in France.
According to industry reports, the AMF appears open to dialogue. Officially, however, the authority did not comment on any ongoing Binance procedure. Even with a swift application, approval would likely come only months after 1 July. A supply gap in the exchange's EU business would thus emerge. Co-CEO Richard Teng continued to describe Europe as an important market. Ultimately, he expressed confidence in securing a license in the coming months.
Not least, an ongoing criminal investigation weighs on the French path. The judiciary there is investigating suspicions of money laundering linked to drug trafficking and tax fraud. Binance denies the allegations. Obtaining authorization in the very country where investigators are pursuing the company would likely complicate the timeline further.
Binance as a special case among licensed competitors
While Binance loses EU market access, its largest competitors secured their MiCA licenses in time. Coinbase and Kraken obtained their authorization in Ireland, Kraken additionally in Luxembourg, OKX and Crypto.com in Malta. Bitpanda registered in Austria, Bitstamp in Luxembourg and Revolut in Cyprus. These providers can therefore passport their license across the EU. The exclusion moreover fits a familiar pattern. Since 2021, Binance has likewise been effectively shut out of the United Kingdom. There, the local entity Binance Markets Limited never began operations.
The MiCA hurdle is decidedly selective. Of more than 1,200 previously nationally registered providers, only around 210 have so far received full CASP authorization. That share amounts to roughly 17 percent. At the same time, the company remains financially dominant. In February 2026, the platform held around USD 47.5 billion in the stablecoins USDT and USDC. That corresponded to an estimated 65 percent of all stablecoin reserves at centralized exchanges. Regulatorily, Binance thus stands isolated, yet economically it is by no means weakened.
