The reason: the lack of authorization under the European regulation on crypto-asset markets (MiCA, Markets in Crypto-Assets). Its entry into force became mandatory on June 30 for crypto-asset service providers operating in the European Union.
Users are therefore invited to transfer their funds to a personal wallet or to another authorized crypto-asset service provider. They have only a few weeks left to arrange the transfer of their holdings.
If the balance is below this minimum, Binance will deduct all remaining available assets. Fees will be debited in USDC or, if that balance is insufficient, in the other cryptocurrencies held, based on their dollar equivalent.
The cryptocurrency exchange platform Binance will gradually cease its operations in France, having failed to obtain European MiCA authorization. The countdown has begun for its French users, who are invited to withdraw or transfer their holdings.
Deposits in euros and cryptocurrencies are notably impossible. Several features have been suspended, including purchases and sales on the spot market as well as savings products.
Users can, however, still withdraw their funds, in euros as well as in crypto-assets, or transfer them to another authorized provider. Binance assures that holdings remain available for withdrawal during the transition period.
Starting November 29, accounts still holding digital assets will be subject to monthly fees of 0.025% of the balance, with a minimum of 10 USDC, a dollar-pegged stablecoin.
A first deduction will take place within three days after November 29, followed by a second within three days after December 24. The platform specifies that no fees will be charged to customers who have withdrawn all of their crypto-assets before each calculation date.
In practical terms, a client holding 100,000 USDC will have to pay 25 USDC. A user whose wallet contains 100 USDC will be charged 10 USDC.
Since July 1, Binance has been gradually restricting the services offered to its French clients. The platform now intends to accelerate the process.