Binance will shut down user accounts in France, Spain, Poland and Italy on December 31, charging a monthly maintenance fee of 0.025% of each balance — or 10 USDC, whichever is higher — starting November 29, Daily BIZ reported, citing a CoinDesk report.
The fee begins just weeks before the December 31 account closures, with the first deduction within three days after November 29, the second after December 24, and any balance smaller than the fee taken in full.
What Happens to Balances on November 29
From November 29, Binance will block deposits for affected users while applying the monthly fee to remaining balances, CoinDesk reported. The exchange told users in an email that both fiat and cryptocurrency withdrawals remain possible, and that “assets are safely stored and accessible, with no sudden freeze.”
The timing follows a warning issued in June, when Binance first previewed the service termination in these countries; the withdrawal push is a follow-up measure, Daily BIZ reported.
Why MiCA Is Forcing the Closures
The move is a compliance step under the EU’s Markets in Crypto-Assets regulation, known as MiCA, but Binance has not yet secured a formal license. Under MiCA, a crypto business licensed in no EU member state cannot continue offering services across the bloc.
France’s financial regulator, the AMF, said Binance France’s registration expired automatically on July 2, according to Daily BIZ. Binance withdrew its license application in Greece and said it is pursuing approval in another country, without naming the country or a timeline, and it does not appear on the European Securities and Markets Authority’s authorized list.
Who Is Affected — and Who Is Not
Users in countries where Binance has no local entity, such as Portugal, are not included in the account closures, Portuguese newspaper Expresso reported — though the EU-wide MiCA rules still apply to them. Binance’s terms of service include a clause allowing dormant-account management fees to be deducted from balances, a fact confirmed in the emails users received, Daily BIZ reported.
A Binance spokesperson described the restrictions as “a carefully managed process of gradually limiting services in some regions as the MiCA transition period ends,” adding that the company’s commitment to the European market is unchanged and that it is actively working through licensing procedures.
What the Market Expects Next
Markets are watching large exchanges restructure their European operations ahead of MiCA’s full implementation. If Binance’s licensing is delayed further, the list of countries facing service cuts could expand, Daily BIZ reported.
FAQ
December 31. Deposits are blocked and the balance fee begins November 29, with the first deduction within three days and the second after December 24.
How much is the fee? 0.025% of the monthly balance or 10 USDC, whichever is higher; if the balance is below the fee, the entire balance is deducted.
Yes. Binance says both fiat and crypto withdrawals remain available and assets stay accessible, with no sudden freeze.
No. Users in countries without a Binance local entity, such as Portugal, are excluded from the closures, though MiCA rules still apply to them.
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