Binance will close customer accounts in France, Spain, Italy and Poland on Dec. 31 and begin charging monthly fees on remaining balances from Nov. 29, as the world’s largest crypto exchange remains without a license under the European Union’s Markets in Crypto-Assets (MiCA) rules.

A Binance spokesperson confirmed the closure date to CoinDesk over the weekend, saying the exchange is “progressively restricting certain services for affected users” now that the MiCA transition period has ended. The announcement was reported by CoinDesk.

“Affected accounts will be closed with effect from 31 December 2026,” the spokesperson said, describing the move as “a carefully managed process.” Binance said customer assets remain safe and accessible and characterized the action as “no sudden freeze.”

Deposits are already blocked, but users can still withdraw cryptocurrency and fiat currency. Users in the four countries have shared the notices on X.

Fees and deadlines

According to emails shared by users, Binance will charge 0.025% of remaining crypto balances each month, or 10 USDC, whichever is higher, beginning Nov. 29. The first charge will be applied within three days of that date, with a second charge following after Dec. 24.

The fees will be deducted from USDC first and then from other assets. The emails state that accounts holding less than the applicable fee would lose their entire balance. Users who withdraw all of their assets before Nov. 29 will not pay a fee.

Binance had not published the fee amounts in a public announcement as of Sunday. The details therefore come from customer emails rather than an official notice. The company’s spokesperson confirmed only the closure date and the restrictions on services.

The four countries share a common history: Binance operated locally registered businesses in each before the MiCA transition ended. The exchange first contacted users in those markets in June, urging them to withdraw their assets.

Binance still lacks a MiCA license

MiCA requires crypto firms to obtain authorization in one EU member state before serving customers across the bloc. Adopted in 2023 and fully applicable since December 2024, the framework is the EU’s first comprehensive rulebook for crypto-asset services, and member states were permitted to run transitional grandfathering regimes so firms could keep operating while regulators reviewed their license applications. Binance withdrew its application for a Greek license in June and said it would seek approval elsewhere, without identifying the country.

Reuters reported that month that Greece’s Hellenic Capital Market Commission was preparing to reject the application, as Bitcoin Magazine reported. As the MiCA deadline approached, the EU’s securities regulator also ordered unlicensed crypto firms to leave the market, according to Bitcoin Magazine.

Binance told users at the time that it remained committed to Europe. The exchange does not appear on the European Securities and Markets Authority’s register of authorized crypto-asset providers and has not disclosed which regulator currently holds its application.

The closures come during a difficult period for Binance. Hackers stole about $6.3 billion from the exchange on Oct. 29 in what was described as a record heist. Binance said the attack began with malware concealed in software downloads and fake job offers targeting engineers. The company has said it will fully reimburse affected customers, while U.S. banking regulators have questioned banks following the hack, as reported by Bitcoin Magazine.

On Saturday, Binance also announced that finance chief Kaiser Ng would leave after more than five years. Co-CEO Yi He said in a statement that the transition had been planned over the previous six months. Justin Yek, most recently a finance vice president at Airwallex, will become CFO, according to Channel NewsAsia.

The FBI has blamed a North Korean hacking group for the theft. Pyongyang has denied the allegation.

The number of Binance users affected by the closures is unclear. There has so far been no indication that accounts in Germany or other EU countries are being closed. Notices cited by French media said accounts still holding assets after Dec. 31 would be treated as inactive.

Rivals that already hold MiCA licenses, including Coinbase and Kraken, could benefit if Binance leaves the affected markets, as noted in June. Binance’s next test is whether it can secure a license before more of its European business is wound down.

This article first appeared on Bitcoin Magazine and was written by Micah Zimmerman.