Binance will close customer accounts in France, Spain, Italy and Poland on Dec. 31 and begin charging a monthly fee on leftover balances from Nov. 29, as the world’s largest crypto exchange still lacks a license under the European Union’s MiCA rules.
A Binance spokesperson confirmed to CoinDesk the closure date over the weekend, saying the exchange is “progressively restricting certain services for affected users” now that the transition period under the Markets in Crypto-Assets framework has ended.
“Affected accounts will be closed with effect from 31 December 2026,” the spokesperson said, calling it “a carefully managed process.” Binance said customer assets remain safe and accessible and described the move as “no sudden freeze.”
Deposits are already blocked, but users can still withdraw crypto and fiat. Users in the four countries have shared the notices on X.
The fees and deadlines
According to emails that users shared, Binance will charge 0.025% of remaining crypto balances each month, or 10 USDC, whichever is higher, starting Nov. 29. The first charge lands within three days of that date, and a second follows after Dec. 24.
Fees come out of USDC first and then other assets. Accounts holding less than the fee would lose the entire balance, the emails say. Anyone who withdraws everything before Nov. 29 pays nothing.
Binance had not published those fee figures in a public announcement as of Sunday, so the details rest on the customer emails, not an official notice. The company’s spokesperson confirmed only the closure date and the restriction of services.
The four countries share one trait: Binance ran locally registered businesses in each before the MiCA transition ended. Its first outreach to users there came in June, when it urged them to withdraw.
A license Binance still has not won
MiCA requires crypto firms to win authorization in one EU member state before serving customers across the bloc. Binance withdrew its Greek license application in June and said it would seek approval elsewhere, without naming the country.
Reuters had reported that month that Greece’s Hellenic Capital Market Commission was poised to reject the bid, as Bitcoin Magazine reported. As the MiCA deadline arrived, the EU’s securities regulator also ordered unlicensed crypto firms to exit the market.
Binance told users at the time that it remained committed to Europe. It does not appear on the European Securities and Markets Authority’s register of authorized crypto providers, and it has not said which regulator now holds its application.
The closures arrive in a rough stretch for the exchange. Hackers stole about $6.3 billion from Binance on Oct. 29 in a record heist the company said began with malware hidden in software downloads and fake job offers targeting engineers. Binance has said it will fully reimburse affected customers, and U.S. banking regulators have since quizzed banks following the hack.
On Saturday, Binance also said finance chief Kaiser Ng is leaving after more than five years. Co-CEO Yi He said in a statement that the transition was planned over the last half year, and Justin Yek, most recently a finance vice president at Airwallex, takes over as CFO.
The FBI has blamed a North Korean hacking group for the theft, which Pyongyang has denied.
It is not clear how many Binance users are affected, and there is no sign so far that accounts in Germany or other EU countries are being closed. Notices cited by French media said accounts still holding assets after Dec. 31 would be treated as inactive.
Rivals that already hold MiCA licenses, including Coinbase and Kraken, stand to gain if Binance exits, as noted in June. The test for Binance is whether it can secure a license before more of its European business is wound down.
