WORLDTECHBinance to close all French user accounts on Dec. 31, emails show
Binance has told its users in France by email that their accounts will all be closed on Dec. 31, according to media reports citing the messages. Assets left on the exchange after the cutoff are set to attract monthly fees.
What the notices tell customers
Customers were notified by email during early November, according to media reports. Cryptoast, Crypto Briefing and other outlets reported on Saturday, citing messages Binance sent to users, that the French operation is being shut down and every account will be closed.
The emails set two deadlines. Withdrawals must be finished by Nov. 31 to sidestep fees, and any assets remaining on the platform will carry monthly charges from that point. The reports do not say how large those fees will be.
Binance is a cryptocurrency exchange and financial services company based in the United Arab Emirates.
Tie to the MiCA transition deadline
The French decision comes after Binance's trouble under the European Union's Markets in Crypto-Assets (MiCA) rules. Cointelegraph reported in late June that Binance had warned EU users their access to key services would be restricted after it failed to obtain MiCA authorization from a member state before a July 1 deadline.
On Sunday a Binance spokesperson told Cointelegraph that, following the end of the MiCA transition period, the company is progressively restricting certain services for affected users in line with a schedule communicated earlier. The spokesperson did not address the French closure directly.
Reports from other countries and platform size
Cointelegraph specifically asked about reports that similar emails had also gone to users in Spain and Belgium. The spokesperson made no mention of those reports.
According to media reports, Binance counts at least 300 million customers globally, and its app was downloaded more than 4 million times in the EU last year.
Open questions
- Will users in Spain and Belgium face the same closure?
- What monthly fees will apply to assets left after the cutoff?