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Cryptocurrency exchange Binance has partially informed the European Union that its services will be affected by the withdrawal of its regulatory application to the European Union through the Greek authorities.
All crypto businesses must obtain a license under the Block’s Crypto Market Regulations by July 1 or face potential penalties. The company told CNBC in a statement that it is seeking approval in other EU member states.
Binance also told CNBC that it will “take the necessary steps by July 1st to remain compliant with applicable requirements.” While some users may be affected, the exchange said in a statement that it is communicating with users to provide clear information on next steps and is confident it will be able to secure licenses “in the coming months.”
The exchange’s application for a block-wide license in Greece failed last week, and it now intends to apply for a license in France, although approval is likely to come well past the July 1 deadline, the Financial Times reported on Friday.
Binance customers in Poland, Italy, Spain and France, where Binance currently has local licenses, received an email this week informing them how to withdraw their funds from the exchange, FT reported.
Some rival companies with EU approval, including Bitpanda founder Eric Demuth, are promoting their services in response to the development.
“While others are optimizing for speed, we are optimizing for trust… You can prefer the European regulatory approach or not, but the reality is that the EU values regulation and consumer protection. As a European company, we understood that from day one and built accordingly… If you haven’t tried Bitpanda, now is a good time to do so,” Demuth wrote on X.
OKX founder Star Xu also posted on X about his company’s “trusted cryptocurrency and fintech services.”
Binance has faced numerous investigations and criminal charges in recent years. The company is banned in the UK from 2021.
In 2023, Binance pleaded guilty to criminal charges related to money laundering and violation of international financial sanctions, resulting in more than $4.3 billion in fines paid to U.S. authorities.
Last year, French authorities launched a judicial investigation into Binance, alleging that it likely facilitated money laundering. Binance denied the allegations.
The company is the world’s largest cryptocurrency exchange by volume and was founded by Changpeng Zhao in 2017. Mr. Zhao was sentenced to prison for money laundering violations in 2024 and pardoned by US President Donald Trump in 2025.
