Key facts
- Binance has suspended crypto trading services in France.
- The suspension follows Binance's failure to secure an EU-wide MiCA license.
- Users in France and other affected EU countries can only withdraw their crypto assets.
- Binance previously withdrew its MiCA license application in Greece.
- The exchange has seen significant net outflows totaling nearly $1.6 billion over the past month.
- Binance has also entered the Philippines crypto market.
Binance has ceased offering crypto trading services in France and several other European Union countries after failing to obtain a Markets in Crypto-Assets (MiCA) license. The exchange cited regulatory roadblocks, including an issue with a Greek application, as the reason for the suspension. French users, who previously numbered around 2 million, can now only withdraw their crypto assets. Binance has also withdrawn its MiCA license application in Greece. This development comes as crypto firms increasingly seek MiCA licenses to operate within the EU bloc, with only a fraction having secured them so far. In the past month, Binance has experienced significant net outflows, with on-chain data indicating nearly $1.6 billion withdrawn. Despite these challenges in Europe, Binance has announced its entry into the Philippines crypto market.