According to the Financial Times, Binance has informed EU clients that it will cease to provide services to local users from next week. This was due to the company ' s failure to obtain operational licence plates within the European Union and the arrangements were moving forward by 1 July.
The license application was blocked.
The company had previously applied for a European Union-wide licence in Greece, but had not been approved last week. As required by the EU Encrypted Assets Market Act, the relevant business must be licensed by 1 July or face penalties.
Some users received cashed e-mails
It was reported that Binance users in Poland, Italy, Spain and France had received mail this week on how to withdraw funds from the exchange. Binance indicated to CNBC that the company would take the necessary measures to maintain compliance by 1 July.
Moving to other Member State applications
The company stated that it would continue to apply for authorization in another EU member State. FT quoted sources that Binance was currently considering moving to France, but that the approval rate would probably be later than 1 July. At the same time, the company indicated that some users might be affected but would continue to communicate follow-up arrangements.