Binance to End Services in Four EU Countries by Year-End, Charge Monthly Fee

Binance, the global cryptocurrency exchange, will end services in some European Union countries.

CoinDesk reported on Nov. 7 that Binance is gradually restricting services for some users as the transition period for the EU’s Markets in Crypto-Assets regulation, or MiCA, has ended. The affected accounts will be closed by year-end.

Users in four countries — France, Spain, Italy and Poland — have received notices about the change. Deposits into the affected accounts have already been suspended, though cryptocurrency and fiat currency withdrawals remain available. Binance said assets remain safe and accessible and that there will be no sudden asset freeze.

Binance also notified some users that it will begin charging a monthly fee on cryptocurrency left in their accounts starting later this month. Beginning Nov. 29, the fee will be the greater of 0.025% of the remaining monthly cryptocurrency balance or 10 USDC. The first deduction will be made within three days of Nov. 29, and the second after Dec. 24.

Binance has yet to secure a MiCA license. A license obtained by Binance France in May 2022 expired in July after the MiCA transition period ended. Binance said in June that it had withdrawn a MiCA license application it had been pursuing in Greece and would instead seek authorization in another EU member state.