Cryptocurrency exchange Binance has officially started the process of winding down services for certain users in France, Spain, Italy, and Poland. Services for the affected accounts will be fully discontinued on December 31, 2026. The reason is the end of the transition period under the European MiCA regulation ( Markets in Crypto-Assets ). Since the exchange has not yet obtained a single EU-wide license or been included in ESMA's register of authorized providers, its previous local registrations no longer allow it to continue providing the relevant services.
What worries customers the most is that they will start being charged fees for keeping their remaining funds on the platform long before their accounts are finally closed.
Binance has introduced a phased exit process for affected users.
Deposits are no longer available, whether in fiat currency or cryptocurrency. However, users can still withdraw their funds to external wallets or bank accounts without any issues.
Starting November 29, 2026, a monthly storage fee will be charged on any remaining cryptocurrency assets. The fee will be 0.025% of the account balance, with a minimum charge of 10 USDC.
The first deduction will take place within three days after November 29, while the second one will follow after December 24. It is also important to understand that if a user's balance is lower than the minimum fee, the exchange may deduct the entire remaining amount. The fee will first be charged from the USDC balance. If there is no USDC available, other supported cryptocurrencies may be used instead.
On December 31, 2026, all affected accounts will be closed. Any assets remaining on the platform after that date will be classified as "inactive" and may be forcibly converted or transferred in accordance with the company's Terms of Use.
Users with small balances on Binance will be affected the most. The reason is simple. The minimum storage fee is 10 USDC per deduction. The 0.025% rate only exceeds the minimum fee when an account balance is above 40,000 USDC.
To put things into perspective, if you have 100 USDC in your account, the exchange will take 10% of your balance in a single deduction. If both scheduled deductions are applied at the minimum rate, your total loss will amount to 20 USDC. For users with smaller accounts, this is a pretty significant amount.
It is worth knowing that everything happening right now is a result of the introduction of the MiCA regulation. Back in June, Binance withdrew its application for a license in Greece, stating that it would look for another EU country to complete the authorization process. However, it is now November 2026, and the exchange still has not obtained the authorization required to fully provide its services across the European Union. As the transition period has ended, its previous national registrations no longer provide the necessary legal basis for operating.
Let me briefly explain the whole situation. MiCA establishes a unified regulatory framework for cryptocurrency companies across the European Union and requires relevant service providers to obtain special authorization. Binance previously operated in Europe thanks to permits and registrations in individual countries. However, the company failed or was unable to obtain a single MiCA license before the end of the transition period. As a result, its operations in several countries have faced serious regulatory restrictions, forcing the exchange to gradually wind down services for certain European users.
I hope that explanation made things a little clearer.
Finally, I want to share some important information for those living in the affected countries. Binance representatives emphasize that customer assets remain safe and that there will be no sudden freezing of funds without prior notice. Users affected by this decision are advised to take one of the following steps before November 29.
1. Withdraw your cryptocurrency to personal wallets.
These can be mobile apps or dedicated hardware wallets. I don't think there is any need to list examples here, as most people reading this article are probably familiar with Trust Wallet, MetaMask, Phantom, and similar services. This option allows you to maintain control over your assets without relying on a centralized exchange. However, don't forget about the importance of protecting your private keys and recovery phrases.
2. Move your trading activity to another cryptocurrency exchange.
You can switch to other platforms that have already obtained a MiCA license or hold the necessary authorizations to operate in the relevant EU countries.
3. Simply withdraw your funds in fiat currency.
If you don't plan to continue trading cryptocurrencies, you can convert your assets into euros or another available currency and transfer them directly to your bank account.
I'll finish with a somewhat funny, yet unfortunate conclusion. Even a company as large as Binance has encountered serious difficulties with the new European regulations and is now being forced to wind down services for users in four countries. And to those living in the affected regions, I'll say it once again. Keep a close eye on the November deadlines!! If you miss the withdrawal deadline, you could lose a considerable portion of your savings to additional fees.
