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Cryptocurrency exchange Binance has told its customers in the European Union it will stop providing services to them from next week because it will not be licensed to operate in the region.
According to a Financial Times report on Friday, the exchange’s application for a bloc-wide license in Greece failed last week.
All crypto asset businesses have to obtain a license under the bloc’s Markets in Crypto-Assets Regulation by July 1, or risk penalties.
In a response to CNBC, the company said it will pursue an authorization in another EU member state. Citing people familiar with Binance’s thinking, the FT reported that the exchange now intends to apply for a license in France, but any approval is likely to come well after the July 1 deadline.
Binance customers in Poland, Italy, Spain and France — where the company currently holds local licenses — have received emails this week telling them how to withdraw their money from the exchange, the FT reported.
Binance also told CNBC that «we will take the necessary steps before 1 July to remain compliant with applicable requirements.»
It added that some users may be impacted, but it would communicate with them to provide clear information on next steps.
The exchange is confident that it will be able to secure a license «in the coming months.»
Some EU-licensed rivals have been trumpeting their services following the development, including Eric Demuth, founder of Bitpanda.
«While others optimized for speed, we optimized for trust….You can like Europe’s regulatory approach or not, but the reality is that the EU values regulation and consumer protection. As a European company, we understood that from day one and built accordingly…If you’ve never tried Bitpanda, now is a good time,» Demuth wrote on X.
Star Xu, founder of OKX, also posted on X about his company’s «trustworthy crypto and fintech services».
The latest setback for the crypto exchange comes after Binance had faced investigations and criminal charges in recent years. The company 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, resulting in more than $4.3 billion in penalties being paid to U.S. authorities.
Last year, French officials opened a judicial investigation into Binance, stating it was likely to have assisted in money laundering. Binance denied the allegations.
The company, which says it is the largest cryptocurrency exchange in the world by volume, was founded in 2017 by Changpeng Zhao. Zhao was sentenced to jail in 2024 for money laundering violations, before being pardoned by U.S. President Donald Trump in 2025.
