Binance exits France, Italy, Poland, Spain after MiCA licensing failure
Binance is closing spot services in France, Italy, Poland, and Spain after failing to secure an EU-wide crypto license under MiCA, requiring users to withdraw funds by December 31 or face monthly fees.
Binance is shutting down spot services in France, Italy, Poland, and Spain because it failed to secure an EU-wide crypto license under new MiCA rules. Users have until December 31 to move their money out, or face monthly fees starting November 29.
The exchange is effectively withdrawing from several European markets rather than suffering a liquidity squeeze. The driver is the European Union’s Markets in Crypto-Assets regulation, which requires national registration for any exchange serving EU clients. Binance no longer holds that registration, so it can no longer legally accept deposits in the affected countries. Competitors with full licenses are stepping in to capture the displaced users.
Why Binance is leaving
MiCA requires a national registration in the country where an exchange does business. Binance withdrew its MiCA application in Greece and lost its French PSAN/AMF registration, so it lacks a valid EU license across the bloc. The company has not obtained a MiCA passport, which would have allowed it to serve all 27 member states from a single national license. The evidence points to a regulatory compliance failure rather than a strategic exit.
What users must do
Accounts in France, Spain, Italy, and Poland will be closed on December 31, 2026. From November 29 onward, any remaining balance will be subject to a monthly fee: either 0.025% of the balance or a minimum of 10 USDC, whichever is higher. Withdrawals stay open until the closure date, but leaving funds on the platform risks recurring charges. The fee applies to dormant accounts until January 31, 2027, after which the accounts are closed.
Next steps and uncertainty
The immediate deadline is November 29, when users must decide whether to withdraw or start incurring fees. Binance says it is seeking a MiCA authorization elsewhere, but no timeline or guarantee of approval exists. Competitors with full licenses are marketing themselves as compliant alternatives, which could accelerate user migration. Whether Binance can secure a new MiCA license and whether users will switch providers remain uncertain.
