Binance suspended trading services in France and other EU countries after failing to obtain a MiCA license by July 1 deadline.
Regulation & Gov ·
Binance halted trading services across France and several other European countries on July 1 after missing the regulatory deadline to obtain a Markets in Crypto-Assets (MiCA) license, according to reporting. French users, who numbered around 2 million previously, can now only withdraw their assets; spot and margin trading have been disabled. The exchange stated that user funds remain secure despite the service suspension.
The outflows reflect broader movement of assets from the platform. Over the past month, Binance experienced approximately $1.6 billion in net outflows, though it continues to hold roughly $114 billion in crypto assets under custody. The suspension came after Binance was unable to complete the regulatory approval process required under the EU's new cryptocurrency framework before the July 1 cutoff.
The long-term impact on Binance's European operations and whether the exchange will pursue licensing in these jurisdictions going forward remain to be seen. No timeline has been announced for when or if trading services might resume in the affected countries.