Binance Exits French Market Amid MiCA Licensing Issues

Binance has suspended its cryptocurrency trading services in France and several other European countries after failing to secure authorization under the EU's Markets in Crypto-Assets (MiCA) regulation before the July 1 deadline.

The move marks one of the highest-profile consequences of the bloc's new crypto framework, affecting an estimated 2 million Binance users in France alone.

Binance confirmed that customer funds remain safe and that withdrawals are still available, but users cannot execute new trades or use leveraged products due to the restrictions.

The exchange had pursued a MiCA license through Greece, hoping to use the regulation's passporting mechanism to serve customers throughout the European Union, but later withdrew its application and announced plans to seek authorization through another EU member state.