Binance has informed customers in several EU countries that it will restrict services as it will not have a Markets in Crypto-Assets (MiCA) license by the July 1 deadline. The exchange, which halted new registrations in the bloc, stated that users' assets remain safe and accessible as it winds down unlicensed EU activities. After withdrawing a MiCA application in Greece, Binance plans to seek authorization in France, expressing confidence it will secure an EU license in the coming months. This development highlights the regulatory challenges facing crypto exchanges operating in the EU under the new MiCA framework, which requires firms to obtain a license from at least one member state to serve all 27 EU countries. Unlicensed firms must cease operations in the region. Binance's move affects customers in France, Italy, Poland, and Spain, among others.

Key facts

• Binance restricts EU services as it lacks a MiCA license by July 1 deadline.
• New registrations halted; existing users' assets remain safe and accessible.
• Binance withdrew MiCA application in Greece, will seek authorization in France.
• Affected customers in France, Italy, Poland, and Spain.
• MiCA requires license from one EU member state to serve all 27 countries.