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Binance is winding down its business in France. Customers have been told by email that their accounts will close on Dec. 31, and anyone who leaves crypto on the platform after Nov. 29 will start paying monthly fees. For French users, the clock is now running.
What French Users Were Told
According to reports from Cryptoast, Crypto Briefing and other outlets, the emails went out in early November. Accounts still holding a balance after Nov. 29 will be charged a monthly maintenance fee of 0.025% of the balance, with a minimum of 10 USDC, a stablecoin tracking the US dollar. To avoid the charge, withdrawals have to be finished by that date.
The email also warned about what happens next. In wording cited by Cryptoast, Binance said that if assets are not withdrawn by Dec. 31, 2026, it will treat the account as inactive under its Terms of Use. That could lead to the conversion, transfer or other processing of the remaining crypto.
The MiCA Problem
The closure traces back to Europe’s Markets in Crypto-Assets (MiCA) rules. Binance had already told EU users that access to key services would be restricted after it failed to win MiCA authorization from a member state before the July 1 deadline.
On Sunday, a Binance spokesperson told Cointelegraph that the company is progressively restricting certain services for affected users after the end of the MiCA transition period, in line with the schedule it communicated earlier. Asked about reports that similar emails had gone to users in Spain and Belgium, the spokesperson did not address them.
Why It Matters
Binance’s global client base is reportedly at least 300 million customers, and its app was downloaded more than 4 million times in the EU last year. France is only one market, but a full shutdown there shows how much leverage MiCA licensing carries, even for the world’s largest exchange. Other European markets are now under the spotlight.
What French Users Should Do
The practical advice is simple: check the account, and move assets to a wallet or a licensed provider before Nov. 29. Waiting means fees, and waiting past Dec. 31 means the exchange decides how your assets are handled.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
Crypto and blockchain enthusiast.
