Jakub Porzycki | Nuphoto | Getty Images
Cryptocurrency exchange Binance has told its customers in the European Union that it will stop providing services to them from next week because it will not have a license to operate in the region.
According to a report from the Financial Times On Friday, the exchange’s application for a block-wide license in Greece submitted by the exchange failed last week.
All crypto asset companies must obtain a license under the bloc’s crypto-asset markets regulation by July 1, or face sanctions.
In a response to CNBC, the company said it would seek 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 that any approval would likely come well after the July 1 deadline.
Binance customers in Poland, Italy, Spain and France – where the company currently has local licenses – 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 necessary actions before July 1 to remain in compliance with applicable requirements.”
He added that some users might be affected, but he would communicate with them to provide clear information on next steps.
The exchange is confident it will be able to obtain a license “in the coming months.”
Some EU-licensed competitors have touted their services following the development, including Eric Demuth, founder of Bitpanda.
“While others have optimized for speed, we have optimized for trust… You may or may not like Europe’s regulatory approach, but the reality is that the EU values regulation and consumer protection. As a European company, we understood this 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 about his company’s “trustworthy crypto and fintech services.”
The latest setback for the crypto exchange comes after Binance faced criminal investigations and charges in recent years. The company was banned in the UK since 2021.
In 2023, Binance pleaded guilty to criminal charges related to money laundering and violating international financial sanctions, resulting in more than $4.3 billion in fines being paid to U.S. authorities.
Last year, French officials opened a judicial investigation against Binance, claiming that it was likely to have contributed to money laundering. Binance has denied the allegations.
The company, which claims to be the largest cryptocurrency exchange in the world by volume, was founded in 2017 by Changpeng Zhao. Zhao was sentenced to prison in 2024 for money laundering offenses, before being forgiven by the American president Donald Trump in 2025.
