Binance reassures EU users as MiCA service changes begin

Binance said affected EU users can still access key account options as MiCA-related service changes take effect across the bloc.

Binance said on X that it remained committed to supporting affected users as MiCA-related changes started in the European Union. The exchange said user assets remain safe and are held on a 1:1 basis.

The company said affected users will continue to have access to the options already communicated to them. Those options include transfers and withdrawals where applicable. Binance added that it is contacting affected users directly with next steps.

Binance CEO Teng says withdrawals remain available

“User assets remain safe and secure,” Binance CEO Richard Teng said in a post on X. He said affected users will continue to have access to the options already shared with them after July 1, including withdrawals.

“Our focus remains on giving users clarity, continuity, and confidence as we work through this period,” Teng said. 

He also told users with account-specific questions to contact Binance Customer Support through official channels.

The statements came as MiCA’s transition period ended on July 1. Under the EU framework, crypto asset service providers must hold authorization to keep serving users across the bloc.

MiCA deadline reshapes exchange access

Binance told affected EU users that it could stop offering some services after missing the full MiCA licensing deadline. The exchange said user funds would remain safe while it issued country-specific service and withdrawal notices.

As reported earlier by crypto.news, the July 1 change was described as a suspension, not a permanent exit. The report said Binance was expected to halt new orders, deposits, sign-ups and staking products for EU residents while keeping withdrawals available.

The exchange has said it remains engaged with regulators. Binance had vowed to stay in Europe despite a licensing setback and was looking at other possible paths to authorization after its Greek application process did not deliver approval before the deadline.

Licensed rivals chase affected users

The MiCA change has opened a new competitive period in Europe. As reported by crypto.news, Coinbase and OKX launched campaigns targeting Binance users after the exchange began suspending some services across the region.

Those campaigns came as licensed firms tried to gain users seeking MiCA-compliant platforms. Coinbase secured a Luxembourg MiCA hub, while OKX and other approved exchanges have moved to grow their European presence.

MiCA’s transition ending on July 1 means users need to check whether their platform holds the right authorization. The rule change affects exchanges, custodians and other crypto service providers that want to serve customers in the European Economic Area.

Binance’s latest message seeks to reduce uncertainty for users already affected by the transition. The company said it is working with regulators and will communicate directly with users about available account options.