Binance tells users in some EU countries to leave by 31 December

Here's what happened. Binance has been emailing users in several European countries asking them to move their crypto off the platform, CoinDesk reported. Affected accounts will close on 31 Dec, according to the emails.

Users in Spain, France and Poland say they got the notice. New deposits are blocked, but withdrawals of crypto and cash still work. A Binance spokesperson told CoinDesk there is no sudden freeze.

So who pays? From 29 November, the emails say, remaining balances face a monthly charge of 0.025% or 10 USDC, whichever is higher. Accounts smaller than the fee lose their whole balance. Binance did not confirm the fee terms to CoinDesk.

The reason is Europe's crypto rulebook, MiCA, which requires a licence to serve customers. Binance's spokesperson linked the move to the end of the transition period. France's market regulator, the AMF, lists Binance France's old registration as having lapsed on 2 July, when more than 50 firms without a MiCA licence were removed.

Binance withdrew its MiCA application in Greece in June and says it will apply in another EU country. It is not on ESMA's register. The company told CoinDesk its commitment to Europe has not changed.