Binance Says It Is Working With Regulators as MiCA Triggers EU Service Halt
Summary
- Binance said it has halted services in the EU following the rollout of MiCA regulations and is in close contact with local regulators.
- Binance said it had initially sought to obtain a MiCA license in Greece, but that effort failed, and it now plans to apply for a MiCA license in another EU member state.
- Richard Teng said user assets remain safe and that affected users can still access the options previously communicated to them, including withdrawals where applicable.
Forecast Trend Report by Period
Binance said it is in contact with regulators as the global cryptocurrency exchange halts services in the European Union under the Markets in Crypto-Assets, or MiCA, rules.
Binance Co-Chief Executive Officer Richard Teng wrote on X on July 1 that MiCA-related changes took effect that day. The company is working closely with regulators to continue providing users with the best possible service, he added.
Binance is suspending services in the EU from July 1 as MiCA rules take full effect. The exchange had previously sought to obtain a MiCA license in Greece, but that effort failed. It now plans to seek a MiCA license in another EU member state.
Teng said user assets remain safe on Binance. He added that he understands the changes may cause concern. Affected users will continue to have access to the options previously communicated to them after July 1, including withdrawals where applicable.
JOON HYOUNG LEE
gilson@bloomingbit.ioCrypto Journalist based in Seoul