Binance France to Close All Customer Accounts by Dec. 31
Summary
- Binance France said it plans to close all customer accounts by Dec. 31.
- Starting Nov. 29, it will impose a monthly management fee on accounts with remaining balances equal to the greater of 0.025% of the balance or 10 USDC.
- The move follows the EU's Markets in Crypto-Assets regulation (MiCA) and is expected to affect about 2 million users in France.
Forecast Trend Report by Period
Binance's French unit will close all customer accounts by Dec. 31.
Bitcoin News reported on Nov. 7 that Binance France plans to shut all customer accounts by Dec. 31. Starting Nov. 29, it will charge a monthly management fee on accounts with remaining assets equal to the greater of 0.025% of the balance or 10 USDC.
The fee will first be deducted from USDC balances. If that is not enough, it will be taken from other cryptocurrencies. Accounts that withdraw all assets before Nov. 29 will not be charged.
The move follows the European Union's Markets in Crypto-Assets regulation, or MiCA. Binance France failed to secure the required authorization before the MiCA transition period ended on June 30, leaving it unable to continue operating in France.
About 2 million users in France are estimated to be affected by the measure.
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