Binance will limit services for EU users from July 1 after failing to obtain Markets in Crypto-Assets (MiCA) authorization. The exchange will halt new user onboarding and restrict certain services, though withdrawals remain open.
The restrictions follow Binance’s withdrawal of its MiCA license application in Greece. The exchange advised users to move funds to self-custody wallets or other crypto asset service providers.
Licensed platforms Revolut and OKX are actively recruiting EU users ahead of the deadline. Some Binance users expressed concerns about staking and active trading positions, but Binance stated that all balances remain safe and available. It did not provide specifics on how staking rewards or open positions will be treated under the new restrictions.
Industry observers differ on the impact. Some argue that “reverse solicitation” rules may allow existing users to continue using the platform without disruption. Others suggest that active traders and those with large balances could face the biggest changes. Binance reports over 300 million global customers, with its app downloaded more than 4 million times in the EU last year.
