Binance to stop providing services to European clients after failing to obtain license: Financial Times

• Binance's Greece application for an EU-wide license failed last week, forcing the exchange to halt services to customers in Poland, Italy, Spain, and France where it currently holds local licenses
• The company must comply with the EU's Markets in Crypto-Assets Regulation (MiCA) by July 1 or risk penalties, and says it will pursue licensing in another member state
• This setback follows previous legal troubles including Binance paying over $4.3 billion in penalties to U.S. authorities in 2023 for money laundering and sanctions violations

Summary: Binance Halts EU Services After License Application Fails

Key Development:

Cryptocurrency exchange Binance will stop providing services to European Union clients starting July 1, 2026, after failing to secure regulatory approval under the bloc's Markets in Crypto-Assets Regulation (MiCA). The company's application for a bloc-wide license in Greece was rejected last week, according to the Financial Times.

Regulatory Context:

All cryptocurrency exchanges must obtain proper licensing under MiCA by the July 1 deadline or face penalties. Binance plans to reapply for authorization in France, but approval is expected well after the compliance deadline.

Customer Impact:

Customers in Poland, Italy, Spain, and France—where Binance currently holds local licenses—have received notifications about service discontinuation. While some users will be affected, Binance stated it will take necessary compliance steps and communicate with impacted customers. The company expressed confidence in securing a license "in the coming months."

Competitive Landscape:

EU-licensed competitors are capitalizing on the situation. Bitpanda founder Eric Demuth emphasized his company's focus on trust and regulatory compliance, while OKX founder Star Xu promoted his platform's "trustworthy crypto and fintech services."

Company Background:

Binance, founded in 2017 by Changpeng Zhao and claiming to be the world's largest cryptocurrency exchange by volume, has faced significant legal challenges since 2021. In 2023, the company pleaded guilty to money laundering and sanctions violations, paying over $4.3 billion in penalties to U.S. authorities. Zhao was sentenced in 2024 for money laundering before receiving a presidential pardon in 2025.

This development represents a major setback for Binance's European operations and highlights the increasingly stringent regulatory environment for cryptocurrency platforms.