Binance to Halt EU Services Next Week While Seeking License in France

Binance told its European Union customers it will stop providing services to them from next week. Cnbc reported that the company's application for a bloc-wide license in Greece failed last week. All crypto asset businesses must obtain a license under the EU's Markets in Crypto-Assets Regulation by July 1 or risk penalties.

Binance stated it will pursue an authorization in another EU member state and intends to apply for a license in France, though any approval is likely to come well after the July 1 deadline. Customers in Poland, Italy, Spain and France received emails this week telling them how to withdraw their money.

Binance said it will take the necessary steps before 1 July to remain compliant with applicable requirements and that some users may be impacted.

The exchange added that it would communicate with affected users to provide clear information on next steps and stated it is confident it will secure a license in the coming months. Binance employs roughly 1,500 compliance staff. The company has faced prior regulatory actions.

It has been banned in the UK since 2021. In 2023, Binance pleaded guilty to criminal charges related to money laundering and breaching international financial sanctions, paying more than $4.3 billion in penalties to U.S. authorities.

Last year, French officials opened a judicial investigation into Binance over possible assistance in money laundering, which the company denied. Binance was founded in 2017 by Changpeng Zhao. Zhao was sentenced to jail in 2024 for money laundering violations before receiving a pardon from U.S.

President Donald Trump in 2025. Binance says it is the largest cryptocurrency exchange in the world by volume.