Binance, the largest crypto-mining company, did not receive a permit to operate from the French Financial Market Authority (AMF), which was a final rejection as part of the MiCA regulatory licensing process. Since 1 July, the exchange has suspended its spot and margin trading of cryptocurrencies in the European Union, allowing users only to withdraw assets. Earlier, similar refusals had been made by Greece and other EU countries.

Binance served some 2 million users in France and expressed confidence in obtaining the MiCA license "in the coming months", but did not specify in which jurisdiction it is planned to obtain it. At the same time, the exchange is expanding its presence in other markets: through its partner BlockShoals Technologies, it has moved to the Philippines as part of a regulatory sandbox.

Amid Binance’s EU constraints, rival platforms Coinbase and OKX began offering welcome deposit bonuses to European customers in an effort to attract the largest exchange’s audience.