Binance exits at least 3 European markets, prepares for MiCA

The cryptocurrency exchange has already left Germany, the Netherlands and Cyprus

article-image

Emre Akkoyun/Shutterstock, modified by Blockworks

share

Binance has withdrawn from multiple European countries due to registration difficulties.

The most recent country in question is Germany. Circumstances, both in the global market and regulatory landscape, led to the decision.

“Binance confirms that it has proactively withdrawn its BaFin application,” a spokesperson told Blockworks.

Last month, the country’s financial regulator BaFin declined to grant a license to Binance, adding to the regulatory challenges the company is facing in the region, per Finance Forward.

Jonas Jünger, the managing director of Binance in Germany, reportedly said his primary focus was to successfully establish a branch of the company in the country. He also mentioned that the regulatory prerequisites for accomplishing this goal were quite stringent.

The company plans to reapply once it has addressed the alterations in the regulatory landscape.

Additionally, Binance separately announced last month that it decided to exit the Netherlands.

From July 17 onwards, existing Dutch resident users no longer have the option to withdraw their assets from the platform. Any further purchases, trades or deposits are no longer permitted.

A company spokesperson told Blockworks that Binance had made efforts to explore alternative ways to cater to Dutch residents while complying with local regulations. However, these attempts did not lead to the registration as a virtual asset service provider.

Furthermore, Binance’s unit in Cyprus submitted an application to be delisted from the country’s register of cryptoasset service providers.

According to a spokesperson, Binance is working towards achieving compliance with the new European Union rule on digital assets called MiCA (Markets in Crypto-Assets Regulation) within the next 18 months. 

In light of this goal, the decision was made to scale back operations in Cyprus and concentrate efforts on a smaller number of regulated entities within the EU, the company said.

The exits come at a time when Binance and CEO Changpeng Zhao are under scrutiny from US regulators, facing lawsuits from the Commodities Futures Trading Commission and the Securities and Exchange Commission. 

The allegations involve the alleged evasion of derivatives and securities rules.

Recently, Binance announced its intention to file a motion to dismiss the lawsuit filed by the CFTC.

Binance still has a presence in Europe. While its holding company is situated in the Cayman Islands, Binance’s European headquarters are based in Paris, where it obtained registration from the French regulator AMF more than a year ago.

The primary focus will now be on larger registered markets where it already has a mature presence, notably in France, Italy and Spain. Elsewhere in the continent, it is also registered in Poland, Sweden and Lithuania.

“Binance still intends to apply for appropriate licensing in Germany,” Binance’s spokesperson said, noting the revised submission would reflect significant changes in the global market and regulation.


Get the news in your inbox. Explore Blockworks newsletters:

Tags

Decoding crypto and the markets. Daily, with Byron Gilliam.

Upcoming Events

Old Billingsgate

Mon - Wed, October 13 - 15, 2025

Blockworks’ Digital Asset Summit (DAS) will feature conversations between the builders, allocators, and legislators who will shape the trajectory of the digital asset ecosystem in the US and abroad.

Industry City | Brooklyn, NY

TUES - THURS, JUNE 24 - 26, 2025

Permissionless IV serves as the definitive gathering for crypto’s technical founders, developers, and builders to come together and create the future.If you’re ready to shape the future of crypto, Permissionless IV is where it happens.

Brooklyn, NY

SUN - MON, JUN. 22 - 23, 2025

Blockworks and Cracked Labs are teaming up for the third installment of the Permissionless Hackathon, happening June 22–23, 2025 in Brooklyn, NY. This is a 36-hour IRL builder sprint where developers, designers, and creatives ship real projects solving real problems across […]

recent research

Research Report Templates (19).png

Research

Suilend has grown into the top money market and liquid staking provider on Sui. STEAMM, Suilend’s Superfluid AMM, presents a compelling avenue for growing market share within Sui’s DEX landscape and revenue generation for the protocol. Suilend’s multi-product suite position it well for owning market share across key verticals. While current metrics across the Sui ecosystem are likely inflated due to Sui Foundation incentive programs, SEND trades at amongst the lowest multiples in the lend/borrow sector, suggesting that a bull case for continued growth in the ecosystem may be mispriced.

article-image

Single-player and mobile games can still offer robust in-game economies for players

article-image

Polygon and GSR partnered on Katana, angling for a “unified DeFi engine” to concentrate liquidity, recycle yield to users and showcase the AggLayer.

article-image

Decentralized money was a “very unpopular goal” when concepts were proposed in the ’90s, said Nick Szabo

article-image

Cove aims to deliver “risk-adjusted yield” through curated DeFi vaults

article-image

The best capital markets are open to the most people — and crypto capital markets are open to everyone

article-image

Post-conference musings on Firedancer, Kraken, Solana Mobile and Trump