Binance Halts Crypto Trading in France After Failing to Get MiCA License

TLDR

• Binance lost trading access in France and several EU countries after missing the MiCA licensing deadline on July 1
• French users can still withdraw assets but can no longer trade spot, margin, or futures
• Binance previously served around 2 million users in France
• The exchange recorded $1.6 billion in net outflows over the past month
• Coinbase and OKX moved quickly to target affected Binance users across Europe

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Binance has stopped offering crypto trading services in France after failing to secure a license under the European Union’s Markets in Crypto-Assets regulation, known as MiCA.

The deadline passed on July 1, 2026. From that date, French users lost access to spot trading, margin trading, and futures. They can still withdraw their assets.

Binance had previously served around 2 million users in France. The exchange told affected users that their assets remain safe and that they should move funds to a regulated platform or a personal wallet.

The exchange had been in talks with France’s financial regulator, the AMF, to secure a MiCA license. However, Binance withdrew its application in Greece after European Central Bank President Christine Lagarde raised objections just weeks before the deadline.

Binance co-CEO Richard Teng had said the exchange remains committed to operating under a fair and harmonized European framework. Despite that, the company has now halted services across several EU countries, including France, Poland, Italy, and Spain.

Users React to Trading Halt

Some Binance users in France moved their crypto ahead of the July 1 cutoff. Others waited for more clarity and were left to manage the transfer process themselves.

One user quoted by BFM Business said they moved their crypto the weekend before the deadline. Another said Binance left customers to handle everything alone.

On-chain data showed Binance recorded $1.6 billion in net outflows over the past month. Ethereum withdrawal transactions hit a three-year high of 166,000 in a single week. Despite this, Binance still manages around $114 billion in crypto assets.

Licensed Rivals Move In

The pause gave room to licensed competitors. Both Coinbase and OKX launched campaigns targeting Binance users before the deadline passed.

Coinbase promoted its services across France, Germany, Italy, Belgium, Poland, Sweden, and the UK. OKX also ran offers for users in the European Economic Area.

MiCA has reshaped how crypto exchanges compete in Europe. Licensed firms can now market service continuity as a selling point. Platforms without approval must limit services or find a new licensing route.

MiCA Reshapes Europe’s Crypto Market

As of June 29, the EU had issued 244 valid MiCA crypto-asset service provider licenses out of roughly 3,000 applicants.

The regulation covers exchanges, custodians, token issuers, and stablecoin providers. It replaces many older national rules with one EU-wide system.

The rule change also affected stablecoins. Tether’s USDT was removed from regulated EU exchange order books after Tether did not seek MiCA authorization.

Binance has said it wants to return to affected markets once it secures a license. Until then, French users and others across the EU have limited options on the platform.

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