The world's largest crypto exchange is pulling out of multiple EU markets after withdrawing its Greek licence application before a June 30 deadline.
Binance has announced it will suspend cryptocurrency services in multiple European Union countries from next week, after the world's largest crypto exchange by trading volume failed to obtain the regulatory authorisation required to continue operating in the bloc.
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The company confirmed it had applied for a licence in Greece under the EU's Markets in Crypto-Assets regulation, known as MiCA, but has since withdrawn that application, saying it intends to reapply through another EU member state.
In an email to French clients on Wednesday, Binance said its French entity "is no longer in a position to accept new clients and from July 1, 2026, will no longer [provide] crypto asset services in France." It subsequently clarified the move was not limited to France. "Similar communications have been sent to affected users in other EU markets," the company said Thursday.
Clients were reassured that their funds would not be at risk: "Your assets remain safe and secure, and will remain accessible at all times," the firm said.
A regulatory deadline that most exchanges missed
MiCA, which entered into force in 2024, established a common EU-wide framework governing crypto asset trading, covering investor protections and anti-money laundering obligations. Exchanges were given until 30 June 2026 to obtain authorisation from a national regulator within the bloc - a deadline the vast majority have failed to meet.
Binance said it withdrew its Greek application "after careful consideration of the status and the timeline of the process in Greece, with our users' interests at the center." The firm said it had engaged "constructively and in good faith" with Greek authorities, but with no formal decision forthcoming before the transition period closes, it opted to pursue licencing elsewhere. "We have taken the prudent decision to move forward in a way that gives users more clarity and allows us to continue pursuing a compliant, long-term path in Europe," the company said.
Greece's Hellenic Capital Market Commission declined to comment when contacted on Thursday evening.
A turbulent few years for the crypto giant
Founded in 2017, Binance rapidly came to dominate global crypto trading, making co-founder and former CEO Changpeng Zhao a billionaire. Originally established in China, the company shifted its operations internationally following Beijing's sweeping crackdown on the crypto sector.
Its trajectory since has been marked by significant legal and regulatory turbulence. When crypto markets crashed in 2022, scrutiny from regulators around the world intensified. Binance has faced accusations in multiple countries of facilitating money laundering by criminal organisations, a probe in France remains ongoing.
In late 2023, Zhao pleaded guilty to violating US anti-money laundering laws. He served a four-month prison sentence in 2024.
