Overview
- Binance withdrew its Markets in Crypto-Assets application with Greece’s HCMC on Wednesday June 24 and has begun notifying EU customers about account changes and withdrawal procedures.
- Under MiCA rules that take full effect on July 1, the exchange will stop onboarding new EU users and will restrict trading, deposits and some product features while it completes an orderly wind-down of unlicensed services.
- Binance says customer assets remain safe and accessible and that withdrawals will stay open during the transition, though some funding methods such as SEPA transfers may be limited.
- Regulators including Spain’s CNMV have said there will be no extensions to the MiCA deadline, and Binance has told officials and reports indicate it plans to seek authorization in another member state, likely France, a process that could take months.
- The gap in Binance’s EU access will push customers toward licensed crypto firms and self-custody and could strain licensed venues’ onboarding capacity and euro/stablecoin liquidity, creating friction for users who must move or close positions.