Binance to Stop Serving Customers in the EU — FT
Binance Will Stop Serving European Customers / Photo: ANTON ZUBCHEVSKYI / Shutterstock
The cryptocurrency exchange Binance has notified its customers in the European Union that it will cease operations starting next week due to the lack of a license to operate in the region, according to the Financial Times.
Starting July 1, all crypto companies operating in the European Union are required to hold a license in accordance with the European Union’s Markets in Crypto-Assets (MiCA) regulation; otherwise, they face penalties. The regulator rejected the company’s application for the relevant license in Greece.
Binance told CNBC that it intends to seek authorization in another European Union member state. The FT, citing informed sources, reported that the exchange now plans to file for authorization in France; however, any regulatory approval is likely to come well after the July 1 deadline.
Binance customers in Poland, Italy, Spain, and France—where the company currently holds local licenses—received emails this week with instructions on how to withdraw funds, according to the FT.
Binance representatives also told CNBC: “We will take the necessary steps by July 1 to fully comply with the new legislation.” The company added that the forced restriction on operations may affect some users, but the exchange will continue to communicate with them to provide clear information on next steps.
Binance was founded in 2017 by Changpeng Zhao. In 2024, Zhao was sentenced to prison in the United States for money laundering-related offenses, after which he was pardoned by President Donald Trump in 2025.
In June 2021, the UK’s Financial Conduct Authority (FCA) banned Binance Markets Ltd. from operating in the country. The regulator cited the fact that the crypto exchange lacks the necessary registration, fails to provide requested information about its structure, and does not comply with local anti-money laundering standards.
In 2023, Binance pleaded guilty to charges related to money laundering and violations of international financial sanctions, resulting in the payment of more than $4.3 billion in fines to U.S. authorities.
Last year, French officials launched a judicial investigation into Binance, alleging that the exchange had likely facilitated money laundering. Binance has denied these allegations.
This article was AI-translated and verified by a human editor
