Binance’s EU services face disruption after the exchange withdraws Greek license bid

Binance has told its European users that its services may be affected after withdrawing its application for EU authorization through Greece, just days before the July 1 MiCA deadline. Under the Markets in Crypto-Assets Regulation, companies offering crypto asset services in the EU must secure authorization by that date or risk penalties. Binance told CNBC it now plans to pursue authorization in another EU member state and will take steps to remain compliant before the deadline.

The company confirmed plans to apply for MiCA authorization in France, though the Financial Times reported that approval is expected well after July 1. Binance said affected users will receive direct instructions, while customers in Poland, Italy, Spain, and France, where Binance currently holds local licenses, have reportedly received messages explaining how to withdraw funds as broader EU compliance becomes required.

The situation has prompted EU-licensed rivals, including Bitpanda and OKX, to highlight their regulatory status on social media. It also adds to Binance’s broader regulatory record, including judicial probes in France, past penalties in the United States, where the company paid $4.3 billion over violations tied to financial sanctions, and founder Changpeng Zhao’s 2024 jail sentence for money laundering violations.