The worldʼs largest crypto exchange Binance will restrict operations in the European Union due to new EU regulations.
This is reported by the Financial Times, citing sources.
The reason is new EU rules that require crypto companies to obtain a license by July 1 or face fines. Binanceʼs application in Greece was rejected. The company is now looking for an option in another EU country, likely France, but the process could be delayed.
The Greek Capital Markets Commission declined to comment, but the FT understands that Athens rejected Binance’s request due to concerns about the transparency of its anti-money laundering controls. Regulators also raised concerns about whether the exchange’s former CEO Changpeng Zhao was complying with the company’s internal standards.
Customers in Poland, Italy, Spain and France have already received letters with instructions on how to withdraw funds. EU-licensed competitors Bitpanda and OKX have already stated that they are ready to accept the exchangeʼs customers.
The EU Markets in Crypto-Assets Regulation (MiCA), which came into force in 2024, established uniform rules for cryptocurrency companies in the European Union. The document provides for mandatory licenses, enhanced investor protection and anti-money laundering requirements.
- This is not Binanceʼs first problems with regulators: in 2021, the platform was banned in the UK, in 2023 it pleaded guilty to money laundering cases and paid over $4.3 billion in fines in the US. France previously opened an investigation into possible money laundering.
- In 2023, the exchangeʼs founder Changpeng Zhao pleaded guilty to violating US anti-money laundering laws and reported his resignation. In 2024, he was convicted in the US and pardoned by President Donald Trump in 2025.
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