Binance Tells EU Users to Pull Their Funds — Here’s What’s Happening and What to Do Next

TLDR

• Binance recorded over $400 million in net outflows in the week of June 22, as the EU’s MiCA deadline approaches on July 1
• Binance withdrew its MiCA license application in Greece, leaving it without EU authorization before the deadline
• EU users in Poland, France, Italy, and Spain have been told to withdraw funds from the exchange
• Rival exchange OKX received $285.5 million in net inflows, but Bitget and Bitfinex led weekly inflows among competitors
• Binance says it plans to secure a MiCA license in France in the coming months and remains committed to the EU market

Binance is telling millions of European Union customers it cannot serve them from July 1 after failing to secure the required license under the EU’s new crypto rules.

The world’s largest crypto exchange withdrew its Markets in Crypto-Assets Regulation (MiCA) license application in Greece, leaving it without EU authorization ahead of the July 1 deadline. MiCA requires all crypto firms operating in the EU to hold a license.

Binance has told users in Poland, France, Italy, and Spain to withdraw their funds before the deadline arrives. The company says it expects to secure a license in France in the coming months.

Outflows Rise but Stay in Normal Range

In the week beginning June 22, Binance recorded over $400 million in net outflows, according to DefiLlama data. That figure equals roughly 0.3% of the exchange’s $133.3 billion in tracked assets.

On Wednesday — the day it announced the withdrawal of its Greece application — Binance saw $1.96 billion in single-day net outflows. That was followed by $2.52 billion and $1.46 billion over the next two days.

While the numbers look large, daily flows in the billions are not unusual for Binance. The data does not show where the funds moved from geographically.

Rivals Compete for EU Users

Several exchanges moved quickly to attract Binance’s EU customers ahead of the deadline. OKX, which received MiCA authorization in Malta in January 2025, reported $285.5 million in net inflows over the same week.

However, OKX was not the top gainer. Bitget led with $710 million in weekly net inflows, followed by Bitfinex at $400 million. Neither Bitget nor Bitfinex appear on the European Securities and Markets Authority’s (ESMA) interim MiCA register.

ESMA stated on June 23 that unlicensed crypto service providers must take “immediate steps” to wind down EU activities after July 1, limiting actions to selling, transferring, or closing positions.

Binance’s Broader Legal Challenges

Binance’s EU situation comes as the exchange manages ongoing legal and compliance issues. In the US, Binance pleaded guilty in 2023 to charges related to money laundering and sanctions violations, agreeing to pay $4.3 billion. Founder Changpeng Zhao served a four-month prison sentence in 2024 before being pardoned by President Donald Trump.

Binance also has corporate entities registered in Ireland that are more than a year late filing required annual accounts, putting them in breach of Irish law.

Euro trading accounts for just 1% of Binance’s spot volume, according to CryptoQuant analyst Maartunn.

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