Monthly fees will be applied from November 29: Binance France customers must withdraw their cryptos before December 31 at the risk of them being “converted” or “transferred” by the company
As it has not obtained Mica approval, Binance France has restricted its services since July 1. The crypto exchange has warned its customers that they must withdraw their cryptos before the end of the year.
End clap for Binance in France. In an email sent this weekend to its users, the platform announced the official closure of its services in France on December 31, 2026. This decision was taken due to failure to obtain European Mica approval (for "Market in crypto asset").
As a reminder, the Mica regulation has been mandatory since July 1 for all companies wishing to offer crypto services in Europe. Despite Binance's global impact, the company failed to obtain approval in due time, forcing it to "gradually" restrict its services in several European countries including France from July 1. Since this date, Binance France can no longer welcome any new users.
Its customers have been encouraged to migrate to a Mica-licensed crypto exchange or a cold crypto wallet allowing self-custody. Until now, its clients could still reduce their position and withdraw their funds. French clients could therefore leave funds on the platform, even if the trading activity had to take place elsewhere.
“Consider your account as inactive” This weekend’s communication is less reassuring for its users. They must withdraw their cryptocurrencies before December 31 or risk losing control of their funds. From now on, customers can no longer make deposits on the platform.
In addition, from November 29, accounts still containing crypto will be charged a monthly fee of 0.025% of the balance. “If you have not withdrawn your crypto-assets by December 31, 2026, this message constitutes notification of our intention to consider your account inactive, in accordance with our Terms of Use. This may result in the conversion, transfer or other processing of your crypto-assets,” specifies Binance.
This decision is taken to comply with current European regulations. It is not linked to the massive Binance hack two weeks ago, where more than $6 billion in crypto was stolen by North Korea according to the US FBI. In May 2022, Binance obtained PSAN registration issued by the Financial Markets Authority (AMF), allowing it to deliver its crypto services in the territory.
The crypto giant had chosen to establish its European headquarters in France. European Mica approval replaced PSAN registration in France this summer. At the beginning of November, just over 300 companies held Mica in Europe, compared to 5.
000 players previously offering crypto services.
Machine-translated from French
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