Binance to stop providing services to European clients after failing to obtain license: Financial Times

Jakub Porzycki | Nurphoto | Getty Images Cryptocurrency exchange Binance has told its customers in the European Union it will stop providing services to them from next week because it will not be licensed to operate in the region. According to a Financial Times report on Friday, the exchange's application for a bloc-wide license in Greece failed last week. All crypto asset businesses have to obtain a license under the bloc's Markets in Crypto-Assets Regulation by July 1, or risk penalties. In a response to CNBC, the company said it will pursue an authorization in another EU member state. Citing people familiar with Binance's thinking, the FT reported that the exchange now intends to apply for a license in France, but any approval is likely to come well after the July 1 deadline. Binance customers in Poland, Italy, Spain and France — where the company currently holds local licenses — have received emails this week telling them how to withdraw their money from the exchange, the FT reported. Binance also told CNBC that "we will take the necessary steps before 1 July to remain compliant with applicable requirements." It added that some users may be impacted, but it would communicate with them to provide clear information on next steps. The exchange is confident that it will be able to secure a license "in the coming months." Some EU-licensed rivals have been trumpeting their services following the development, including Eric Demuth, founder of Bitpanda. …