Binance to stop providing services to EU clients after failing to obtain licence - FT中文网
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区块链与数字货币

Binance to stop providing services to EU clients after failing to obtain licence

World’s biggest crypto exchange tells customers how to withdraw their money as MiCA rules set to come into force
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{"text":[[{"start":10.4,"text":"Binance has told its customers in the EU that it will stop providing services to them from next week because it will not be licensed to operate in the region, in a significant setback for the world’s biggest crypto exchange."}],[{"start":23.3,"text":"From July 1, all crypto companies operating in the EU must hold a licence under the bloc’s Markets in Crypto-Assets Regulation or risk being penalised. "}],[{"start":33.45,"text":"Binance’s application in Greece for a bloc-wide licence was rejected last week, less than a fortnight before the deadline comes into force, and the exchange now plans to apply through France, where it has previously been in talks about a licence, according to people familiar with its thinking. "}],[{"start":50.45,"text":"However, even if approved, any licence is likely to come well after the July 1 deadline and in the meantime the exchange is not allowed to serve EU customers. "}],[{"start":60.7,"text":"Binance customers in Poland, Italy, Spain and France — where the company currently holds local licences — have received emails this week telling them how to withdraw their money from the exchange because the company “will not be granted a MiCA licence by 30 June 2026”. "}],[{"start":76.2,"text":"Binance said the company did not receive a formal decision on its application in Greece and so “took the prudent decision to withdraw the Greek application and pursue authorisation in another EU member state."}],[{"start":88.65,"text":"“Europe remains an important market for Binance, and our commitment to a clear, fair and harmonised MiCA framework is unchanged. We are confident we will secure a MiCA licence in the coming months and will announce the relevant member state when ready,” it said. "}],[{"start":103.45,"text":"“Some users may be impacted before July 1, and we are communicating directly with affected users — we are not telling users to withdraw their funds by July 1. User assets remain safe and secure,” it added. "}],[{"start":116.25,"text":"France’s AMF declined to comment. Greece’s Hellenic Capital Market Commission declined to comment."}],[{"start":122.65,"text":"The failure to get EU approval marks a major setback for the crypto exchange, which has sought to position itself as compliant with regulations after years of penalties and lawsuits around the world. "}],[{"start":135.45000000000002,"text":"In 2023, it pleaded guilty to criminal charges related to money laundering and breaching international financial sanctions, agreeing to pay more than $4.3bn in penalties to US authorities. Changpeng Zhao resigned as its chief executive and pleaded guilty to a criminal charge, spent four months in US prison and was later pardoned by President Donald Trump. "}],[{"start":159.15,"text":"“Binance continues to engage constructively with regulators based on its current governance, compliance and controls — and, again, our application was deemed complete and compliant,” it said."}],[{"start":171,"text":"In an effort to win approval from authorities in Athens, Binance committed to hiring many staff and opening an office in Greece, while promising to bring billions of euros in investment to the country, two people familiar with the process said. "}],[{"start":184.25,"text":"But its Greek application was ultimately rejected because of concerns in many areas, in particular its money laundering controls and whether Zhao passed the “fit and proper” test, they added."}],[{"start":196.85,"text":"The exchange has previously faced problems in the EU. Last year, French officials opened a judicial investigation into Binance as it was “likely to have assisted in habitual money laundering . . . in particular drug trafficking and tax fraud.” Binance denied the allegations. The company has been banned in the UK since 2021. "}],[{"start":216.4,"text":"“We are dedicated to securing our MiCA licence and remain ready to operate under a fair, predictable and genuinely harmonised European framework,” Richard Teng, the company’s co-chief executive, said this week, adding that the company remains committed to getting an EU licence “in the coming months”."}],[{"start":234.45000000000002,"text":"Some EU-licensed rivals have seized on the opportunity presented by Binance leaving Europe. "}],[{"start":240.55,"text":"“You can like Europe’s regulatory approach or not, but the reality is that the EU values regulation and consumer protection,” Eric Demuth, founder of Bitpanda, wrote on X, as he invited traders to try the Austrian crypto exchange."}],[{"start":255.75,"text":"Star Xu, founder of OKX, similarly took to social media to describe his company’s “trustworthy crypto and fintech services”."}],[{"start":264.1,"text":"Additional reporting by Eleni Varvitsioti"}],[{"start":276.1,"text":""}]],"url":"https://audio.ftcn.net.cn/album/a_1782462977_3256.mp3"}

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