Binance users in France and several other European countries can no longer trade on the platform after the exchange failed to secure a license under the EU’s Markets in Crypto-Assets (MiCA) regulation by the July 1, 2026 deadline. From that date, Binance suspended spot, margin, and futures trading for affected users, though withdrawals remain available.
The exchange had previously served around 2 million users in France and had been in talks with the French financial regulator, the AMF, to obtain MiCA authorization. However, objections raised by European Central Bank President Christine Lagarde led Binance to withdraw its application in Greece just weeks before the cutoff. Co-CEO Richard Teng stated the company remains committed to operating under a fair European framework but services are now limited across France, Poland, Italy, and Spain.
On-chain data shows $1.6 billion in net outflows from Binance over the past month, with Ethereum withdrawal transactions hitting a three-year high of 166,000 in one week. Still, the exchange manages roughly $114 billion in crypto assets. Some French users moved their funds ahead of the deadline; others criticized the lack of guidance. One user told BFM Business, “You’re on your own.”
Licensed rivals have seized the opportunity. Coinbase and OKX targeted Binance users across Europe with campaigns promoting regulated services. Coinbase advertised in France, Germany, Italy, Belgium, Poland, Sweden, and the U.K., while OKX offered deals in the European Economic Area. As of June 29, the EU had issued 244 MiCA crypto-asset service provider licenses, reshaping competition. The regulation also forced Tether’s USDT off regulated EU order books after it did not seek authorization.
Binance says it intends to return once it obtains a license, but for now, French users and others in affected markets must transfer assets elsewhere to trade.
