Binance Limits Withdrawals in France After Failing to Secure MICA Approval

Binance has halted crypto trading in France, allowing only withdrawals for users. According to blockchain media cryptopolitan, the exchange suspended all trading services, including spot and margin trading, after failing to secure MICA regulatory approval in France. Current French users can only withdraw crypto assets, with Binance assuring customer assets are securely stored and accessible. The exchange advises users seeking to continue trading to transfer funds to compliant platforms or personal wallets. France was a key market for Binance, with approximately 2 million users. Despite applying to the French financial regulator AMF before the July 1 deadline, Binance failed to obtain approval, following similar rejections in Greece. Binance also suspended services in Poland, Italy, and Spain. Coinbase and OKX are actively courting EU customers ahead of the MICA deadline, offering incentives to qualified European residents. Binance stated it remains committed to securing MICA approval within months, with over $1.6 billion withdrawn from its platform in the past month. The exchange manages approximately $1.14 trillion in digital assets.