Binance Suspends EU Services Amid MiCA License Issues
Binance suspended most of its services for European Union users on July 1, after withdrawing its MiCA license application in Greece. The move was made after Binance's Greek holding company withdrew its application to become a licensed provider under the EU's Markets in Crypto-Assets (MiCA) regulation.
The suspension affects new account registrations, deposits, and spot orders for EU users, but withdrawals remain open with no announced end date. This means that while users cannot buy or sell cryptocurrencies on Binance in the EU, they can still withdraw their assets.
The reason behind Binance's decision is due to its failure to obtain a MiCA license from Greece before the July 1 deadline. The company had initially applied for a license through a newly created Greek holding company, hoping that approval would cover all 27 EU countries under the principle of 'passporting.'
Binance's head of Europe and the UK, Gillian Lynch, stated that the company is not leaving Europe and will pursue authorization in another EU jurisdiction. However, the suspension has left many users wondering where they can turn to for their crypto trading needs.