On June 26, Binance announced that starting July 1, it would restrict services for all clients from EU countries. The reason — the absence of a MiCA (Markets in Crypto-Assets) license. But the real chronology of events is more complex than simply "didn't make it in time."
18 months of negotiations — and the application withdrawn 6 days before the deadline
Binance independently withdrew its license application in Greece on June 24 — a week after Reuters reported that Greece's Capital Markets Commission (HCMC) was preparing to reject it. According to Reuters, regulators from Greece, Ireland, and Latvia jointly tracked the application — and expressed concerns about the exchange's past legal issues and the structure of its corporate governance.
Binance itself insists that it did not receive any formal rejection decision. "We decided to withdraw our application and seek authorization in another EU country," the company said in an official statement.
"Binance is not leaving Europe. Our ambitions remain unchanged, and we are confident that we will obtain a MiCA license within the coming months."
Gillian Lynch, Head of Europe and UK, Binance — Reuters
Who won — while Binance deals with regulators
Competitors didn't waste time. Coinbase, Kraken, and Bitstamp have already obtained MiCA licenses. According to ESMA, approximately 223 crypto services are currently authorized — and all of them are gaining a competitive advantage right now while Binance is out of the game.
In parallel, users in Poland, Spain, Italy, and France received emails this week with instructions on how to withdraw funds. The wording was clear: Binance "will not obtain a MiCA license by June 30, 2026." Fund withdrawal remains available — new registrations and trading are blocked.
The next step — Paris
According to Financial Times sources, Binance plans to submit a new application through France — where its local subsidiary already has a digital assets provider registration from AMF. But the logic of MiCA is this: even existing national registration doesn't help — you need a full license of the new standard. Previous permits in Poland, Spain, and France automatically lost their validity as of July 1.
How long the French procedure will take is unknown. Binance promises "a few months." Regulators, judging by the Greek experience, may have a different view on timeframes.
If the French AMF approves the application — Binance will return to the EU through a single "window" and will be able to serve all 27 countries without separate permits. If this application also gets stuck due to questions about the exchange's corporate structure, the pause in the EU market will have to be counted not in months, but in years — and then the niche currently being filled by Coinbase and Kraken will become permanent for them, rather than temporary.
