TL;DR:
- Binance suspended all its services in France after failing to obtain a MiCA license from the Autorité des Marchés Financiers.
- The platform recorded more than $1.6 billion in net withdrawals over the past month, with a peak week reaching $1.23 billion.
- The exchange holds approximately $114 billion in assets under custody despite the adverse regulatory environment.
Binance suspended all its services in France after the Autorité des Marchés Financiers (AMF), the French financial regulator, rejected its application for a license under the MiCA (Markets in Crypto-Assets) framework. The platform, which had approximately 2 million users in the country, disabled spot trading, margin trading and all other trading services. Only the withdrawal function remains available.
The decision came days after Greece denied the exchange a license, adding to suspensions already in place in Poland, Italy and Spain. In all cases, Binance recommended that its users transfer their assets to regulated platforms or personal wallets.
MiCA Clears the Board for New Competitors
The operational shutdown across several European markets created an immediate opportunity for other platforms competing in the same space. Coinbase launched acquisition campaigns in France, Germany, Italy, Belgium, Poland and Sweden. OKX is offering incentives targeting users within the European Economic Area. July 1 marked the regulatory cutoff that defines which platforms can legally operate in the bloc.
Binance Stops Trading Services in France and Other European Countries After Missing MiCA License
Binance has stopped offering trading services in France and several other European countries from July 1 after failing to obtain a MiCA license in time, according to BFM Business.… pic.twitter.com/CSQ1fphbQs
— Wu Blockchain (@WuBlockchain) July 6, 2026
Despite the adverse landscape, Binance stated that Europe remains a priority market and expressed confidence in obtaining a MiCA license in the coming months, without specifying the member state where it will file the application.
Investigations and Massive Withdrawals Hit Binance
The harsh regulatory environment combines with a series of legal measures already piling up on Binance’s desk. In 2023, the company pleaded guilty to charges of sanctions violations and anti-money laundering breaches, resulting in a fine of $4.3 billion.
Its founder, Changpeng Zhao, served four months in prison in California before being pardoned by President Donald Trump last November. Meanwhile, officials from the U.S. Department of Justice and the Treasury are investigating the platform’s use by Iran to evade sanctions, accusations Binance has rejected and that prompted legal action against The Wall Street Journal.
Over the past month, net withdrawals exceeded $1.6 billion, with one week reaching $1.23 billion. Even so, the exchange holds approximately $114 billion in digital assets under custody and continues expanding in other regions, with the Philippines as its new growth focus.
