Key highlights:
- Binance has halted crypto trading services in France
- French users can still withdraw assets but can no longer access spot or margin trading
- Rival exchanges are now targeting the affected users
Crypto traders in France are moving their crypto capital from Binance after the exchange stopped providing trading services in the country. This comes after it failed to secure the approval needed under the European Union’s new Markets in Crypto-Assets (MiCA) rules.
This change took effect on July 1. This was the designated end date of the EU’s transition period for crypto companies. Exchanges were expected to obtain authorization from at least one EU member state to offer services across the bloc, which Binance failed to secure.
Binance Stops Trading Services in France and Other European Countries After Missing MiCA License
Binance has stopped offering trading services in France and several other European countries from July 1 after failing to obtain a MiCA license in time, according to BFM Business.…
Rivals look to attract former Binance users
Licensed exchanges such as Coinbase and OKX are actively poaching European users looking for platforms that already meet MiCA’s rules.
Data already shows that OKX saw millions in inflows over the past couple of days, following an aggressive campaign aimed at bringing in customers affected by the trading suspension.
The latest developments show how the European crypto market has changed under MiCA. The rules were designed to create a unified regulatory system in the EU. Apart from Binance, Bitget and MEXC also were not able to secure their license before the deadline.
Source:: Binance Shuts Down Crypto Trading in France After MiCA Setback