CoinDesk
Binance is telling users in France, Spain, Italy and Poland to withdraw their crypto before the end of the year, as the exchange winds down services in countries where it lacks a MiCA license. Deposits are already blocked, and from Nov. 29 the exchange will charge 0.025% of remaining crypto balances each month, or 10 USDC, whichever is higher. Accounts still holding assets after Dec. 31 will be treated as inactive, with assets possibly converted or transferred.
A Binance spokesperson framed the closures as "a carefully managed process" following the end of MiCA's transition period, stressing that withdrawals remain open and there is "no sudden freeze." But the underlying problem is stark: Binance still has no MiCA authorization anywhere in the EU. It withdrew its application for a Greek license in June, saying it would seek approval in another member state, yet it has yet to appear in the European Securities and Markets Authority's register of authorized providers.
Why it matters
The closure is the most concrete consequence yet of MiCA's licensing regime hitting a top-tier exchange. France's AMF lists Binance France's registration, held since May 2022, as automatically lapsed on July 2, when more than 50 providers without a MiCA license, including Gemini's European unit, were removed. For the EU, the message is that even the world's largest exchange gets no grandfathering; for Binance, the bloc represents a major market now in managed retreat.
Market impact
Users in affected countries have a hard sequence to manage: a first fee within three days of Nov. 29, a second after Dec. 24, and closure on Dec. 31, with fees deducted from USDC holdings first. Binance says its "commitment to Europe remains unchanged" and that it is "actively progressing" its authorization pathway, but a re-entry license has yet to materialize. Watch whether it names a new EU member state for its application, and whether users migrate to MiCA-licensed rivals before the fee window opens.
Frequently asked questions
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Which countries are affected by the Binance account closures?
Users in France, Spain, Italy and Poland have reported receiving closure notices. These are countries where Binance ran locally registered businesses before MiCA's transition period ended. Users in countries without a local entity, like Portugal, have not been singled out the same way.
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When will Binance close affected European accounts?
Affected accounts will be closed with effect from Dec. 31, 2026. Deposits are already blocked, monthly fees begin Nov. 29, and a second charge is taken after Dec. 24.
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How much is Binance charging on leftover balances?
From Nov. 29, Binance will charge 0.025% of the remaining crypto balance each month, or 10 USDC, whichever is higher. Accounts holding less than the fee will have their entire balance taken.
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Why is Binance closing European accounts?
Binance still has no MiCA license, which it needs to serve customers anywhere in the EU. France's AMF lists Binance France's registration as automatically lapsed on July 2, and Binance withdrew its Greek license application in June without yet securing approval elsewhere.
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Can users still withdraw funds from Binance in the EU?
Yes. Binance says deposits are blocked but withdrawals of both crypto and fiat remain open, users' assets remain safe and accessible, and there is "no sudden freeze." Fees are deducted from USDC holdings first, then other crypto assets if needed.
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