Binance keeps operating in the EU months after it was supposed to leave

Binance told its European users it would suspend services on July 1. It is now September, and the exchange is still onboarding new EU clients.

Binance withdrew its application for a Markets in Crypto-Assets (MiCA) license in Greece on June 24, reportedly because it anticipated an outright rejection from the Hellenic Capital Market Commission after 18 months of engagement. The company said it would seek authorization in another EU member state, with France being the rumored destination.

The timeline that didn’t stick

MiCA’s transitional period ended on July 1, 2026. Binance notified users across multiple EU countries that it would cease accepting new registrations and full services from that date forward.

The company also reassured customers that their assets remained safe and accessible for withdrawals.

As of September 4, Binance continued operations in the EU through what has been described as regulatory workarounds. The specific mechanisms haven’t been publicly detailed, but the result is clear: the exchange that said it was leaving is still very much present.

Binance executives have reaffirmed their commitment to remaining in Europe and their intention to secure a MiCA license in the near future.

Competitors smell blood

Coinbase and OKX moved quickly to attract displaced Binance users, rolling out bonuses and incentives designed to capture the migration.

Approximately 70% of withdrawn EU funds from Binance moved into self-custody wallets, not to competitor exchanges. Only about 30% landed on other licensed platforms.

What the workarounds mean for MiCA

Binance’s continued presence tests MiCA’s framework in a very public way. If the largest crypto exchange in the world can keep operating in the EU without a MiCA license two months after the deadline, it raises uncomfortable questions about enforcement.

The France angle adds another layer of complexity. French regulators have historically been more receptive to crypto businesses than some of their European counterparts, and Binance already has existing relationships in the country. A MiCA license issued in one EU member state grants passporting rights across the entire bloc, meaning French authorities would effectively be deciding whether Binance can operate everywhere from Lisbon to Helsinki.

The self-custody trend among Binance’s departing EU users may prove to be the most consequential data point from this entire episode. If seven out of ten users choose to hold their own assets rather than move to a regulated alternative, it suggests that regulatory frameworks like MiCA may be pushing a meaningful segment of the market further from the oversight they were designed to provide.

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