Greek License Application Rejected: Binance Announces Service Suspension for EU Users Before July 1
Taylor Wilson
Binance, the world's largest crypto exchange, will stop serving EU users by July 1 after its Greek licence application stalled — right as Europe's MiCA rules take full effect, and licensed rivals are already courting its customers.
What happened?
Binance announced it will halt services to EU users before July 1, after failing to secure a unified EU licence through Greece.
July 1 is the deadline for full enforcement of MiCA — the EU's Markets in Crypto-Assets Regulation, which requires every crypto platform operating in the bloc to hold a licence.
This means → without a licence, Binance is legally barred from serving EU users. This is not a voluntary exit — the regulation forced the move.
Why was the Greek licence blocked?
Sources say the core issues involved anti-money-laundering controls and whether former CEO Changpeng Zhao could pass the "fit and proper" test — a regulatory check on whether senior executives have compliance red flags.
Zhao resigned in 2023 after pleading guilty to money-laundering-related charges. He served four months in a US prison and was later pardoned.
In plain terms = Greek regulators questioned whether Binance's compliance foundation was solid enough, and whether the founder's legal history had been fully resolved.
What is Binance's plan now?
Binance says it "voluntarily withdrew" the Greek application and is reapplying through France, where prior negotiations had already taken place.
Even if France approves the bid, the licence will land well past July 1 — creating a gap period during which Binance cannot serve EU users.
Co-CEO Richard Teng said the company aims to secure its licence "within the coming months" and called Europe a key market.
What happens to users' funds?
Users in Poland, Italy, Spain, and France received emails this week explaining how to withdraw their funds.
Binance later clarified: it is not requiring withdrawals by July 1. "User assets remain safe," the company said.
This means → funds will not be frozen, but services will be suspended — users can withdraw crypto during the gap period but cannot trade.
Who is poaching Binance's users?
Bitpanda founder Eric Demuth publicly invited Binance users to switch, posting on social media.
OKX founder Star Xu also seized the moment to promote his platform's services.
This reflects a sharpening divide in the EU crypto market: licensed players eat; unlicensed ones exit. Binance's gap period is its competitors' window of opportunity.
Content is for reference only, not financial advice.