Binance Restricts EU Services as MiCA Deadline Looms

Binance is restricting access to key services for European Union users starting July 1 due to its failure to secure Markets in Crypto-Assets (MiCA) authorization from a member state before the deadline.

The restrictions include halting the onboarding of new EU users and limiting certain services for EU-based accounts, according to exchange notices shared by users on social media. However, users will still be able to withdraw their assets after the deadline, as stated in the notice that 'all digital assets are available for withdrawal' in line with applicable regulatory requirements.

The move marks one of the first major transitions under the EU's MiCA framework after Binance announced it withdrew its MiCA license application in Greece on Wednesday. Binance advises users to move their funds to self-custodial wallets or transfer them to other crypto asset service providers (CASPs) during this transition.

Some users have raised concerns over how specific services will be handled once EU service restrictions take effect, particularly regarding staking and trading.