Binance will close customer accounts in France, Spain, Italy and Poland on Dec. 31, ending services in four major European markets as the exchange lacks authorization under the European Union’s Markets in Crypto-Assets (MiCA) regulation.

A Binance spokesperson confirmed the closure date to CoinDesk over the weekend, stating that affected accounts will be closed with effect from Dec. 31, 2026. The move follows a June outreach urging users in these jurisdictions to withdraw their funds.

Idle Balance Fees

Starting Nov. 29, Binance will begin charging a monthly fee on leftover balances for users in the four countries. A Binance spokesperson told CoinDesk the exchange would impose the charge, though specific figures were not included in a public announcement as of Sunday.

According to emails shared by users on social media platform X, the fee amounts to 0.025% of remaining crypto balances each month or 10 USDC, whichever is higher. The messages allege that the first charge will land within three days of Nov. 29, with a second following after Dec. 24. Fees are reportedly deducted from USDC first, then other assets, meaning accounts holding less than the fee threshold could lose their entire balance. Users who withdraw all assets before Nov. 29 will incur no charges.

Deposits are already blocked for users in France, Spain, Italy and Poland, though withdrawals of crypto and fiat currency remain available.

Regulatory Context

The closures stem from Binance’s failure to secure a license under MiCA, which requires crypto firms to obtain authorization in one EU member state to serve customers across the bloc. Binance previously operated locally registered businesses in each of the four countries but does not appear on the European Securities and Markets Authority’s register of authorized crypto providers.

In June, Binance withdrew its license application in Greece after Reuters reported that the Hellenic Capital Market Commission was poised to reject the bid. As the MiCA deadline arrived, the EU’s securities regulator ordered unlicensed crypto firms to exit the market.

Recent Security and Leadership Changes

The account closures come weeks after hackers stole about $6.3 billion from Binance on Oct. 29. The FBI has blamed a North Korean hacking group for the theft, an allegation Pyongyang has denied. Binance stated the breach began with malware hidden in software downloads and fake job offers targeting engineers, and the company has promised to fully reimburse affected customers. U.S. banking regulators have since quizzed banks following the hack.

Amid these developments, Binance announced on Saturday that finance chief Kaiser Ng is leaving after more than five years. Co-CEO Yi He said the transition was planned over the last six months. Justin Yek, formerly a finance vice president at Airwallex, takes over as CFO.