Binance has reportedly halted spot and margin trading for millions of European users, but withdrawals remain possible after failing to fulfill a deadline to obtain a Markets in Crypto-Assets (MiCA) license, stopping all trading except for a handful in France and some other EU countries. The ban, starting July 1, is one of the worst regulatory setbacks yet for the world’s largest crypto exchange by volume.
MiCA Deadline Shuts Binance Out of EU Trading
Under MiCA, crypto firms had until June 30, 2026, to obtain authorization from a national regulator that would let them “passport” services across all 27 EU member states. Reuters reported that Greece’s Hellenic Capital Market Commission was likely to reject Binance’s MiCA license bid, so the company ultimately withdrew its application before the cutoff. Without that authorization, Binance can no longer legally offer regulated crypto‑asset services to EU residents from July 1.
In an email to French clients, seen by Euronews and shared by users on X, Binance said its French entity “is no longer in a position to accept new clients, and from July 1, 2026, will no longer [provide] crypto‑asset services in France.”
The exchange later clarified that it had sent similar communications to affected users in other EU markets, including Italy, Spain and Poland. Although Binance stressed that its broader plans “in Europe remain unchanged” and that it is still seeking a MiCA license in another jurisdiction, the firm must now operate without core trading in key EU countries.
French Users Restricted to Withdrawals
French outlet BFMTV reported that, as of July 1, Binance France canceled all open spot orders and disabled new spot trades, trading bots, and most margin and Earn products. Existing customers are now limited to operations that reduce positions and withdraw assets, and the platform has already stopped onboarding new users in the country.
The exchange says “your assets remain safe and secure and will remain accessible at all times,” including crypto and euro withdrawals after the deadline.
Binance is also winding down Binance Pay, Launchpool, Launchpad, Simple Earn, staking products, and cloud mining for French users under a staged timetable that runs through October, when it will close or liquidate remaining margin and loan positions. Binance is urging affected customers to either move assets to self‑custody wallets or transfer funds to MiCA‑authorized exchanges listed by regulators such as the French AMF.
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