Sawt Falasteen - Binance to suspend crypto services in several EU countries

Binance, the world's largest cryptocurrency exchange by volume, said it had applied for authorisation to operate under the EU's crypto assets regulation MiCA in Greece, but told clients that it has now withdrawn that application and would apply in another EU country.

MiCA imposes a common framework in the EU in terms of investor protections and anti-money laundering measures regarding the trading of crypto assets in the bloc.

It entered into force in 2024 but crypto exchanges had until June 30 to obtain approval from a regulator in an EU country, but most have not applied or received authorisation by the deadline.

"Binance France is no longer in a position to accept new clients and from July 1, 2026, will no longer crypto asset services in France," the company said in an email to clients on Wednesday.

"This is not specific to France, similar communications have been sent to affected users in other EU markets," the company said Thursday, adding it had until June 30 to obtain the necessary authorisations.

"Your assets remain safe and secure, and will remain accessible at all times," the company said in a mail to clients.

Binance said it had decided to withdraw its Greek application " after careful consideration of the status and the timeline of the process in Greece, with our users’ interests at the center."

Binance said it had worked constructively and in good faith with Greek regulators.

But with no formal decision as the end of the MiCA transition period that allowed it to operate approaches "we have taken the prudent decision to move forward in a way that gives users more clarity and allows us to continue pursuing a compliant, long-term path in Europe."

Contacted by AFP, Hellenic Capital Market Commission did not comment on Thursday evening.

Created in 2017, Binance has cornered much of the crypto-trading market, turning its co-founder and former CEO Changpeng Zhao into a billionaire.

While Binance was founded in China, Zhao moved its operations to other locations internationally after a crackdown on the crypto sector by Beijing.

Binance runs crypto exchanges and provides other services around the world, but it took a severe hit when crypto markets collapsed in 2022 and regulators began probing the legality of its business.

The firm has been accused in several countries of allowing criminal organisations to launder funds through its platform. A probe is still underway in France.

Zhao pleaded guilty to violating US anti-money-laundering laws in late 2023, and served a four-month prison sentence for it in 2024.

L.Hussein--SF-PST