Crypto
Binance Tells Some European Users to Withdraw Before Nov. 29 Fees, With Accounts Closing Dec. 31
The exchange still lacks an EU MiCA license; idle balances in affected accounts face a monthly charge before year-end closure.
By Emma Cruz ·
Binance has told users in several European countries to move their crypto off the exchange before monthly fees begin on November 29, with affected accounts set to close on December 31, CoinDesk reported on November 7 [1].
According to CoinDesk, users in Spain, France and Poland say they received the notices, and users in Italy have reported them on social media. Those are countries where Binance operated locally registered businesses before the transition period under the European Union's Markets in Crypto-Assets regulation, known as MiCA, ended. Portuguese users have not been singled out because Binance had no local entity there [1].
The fee is 0.025% of the remaining balance per month or 10 USDC, whichever is higher, CoinDesk reported. Accounts with balances below the fee would have their entire balance taken. The first charge would come within three days of November 29 and a second after December 24, and fees would be taken from USDC holdings first and then from other assets. Crypto left after December 31 would be treated as inactive, which could lead to assets being converted or transferred. Deposits are blocked, while withdrawals of crypto and fiat remain possible [1]. CoinDesk noted that it had not independently confirmed the wording of the email, and that Binance's terms allow a dormant-account fee [1].
A Binance spokesperson said the company is progressively restricting certain services for affected users, described the process as managed with no sudden freeze, and said its "commitment to Europe remains unchanged" [1].
The regulatory background explains the timing. MiCA requires crypto exchanges to be authorized in an EU member state, and approval in one country can be passported across the bloc. Binance withdrew its license application with Greece's Hellenic Capital Market Commission on June 24, a week after a Reuters report said the application would be rejected, and said it would seek authorization in another member state that it did not name. The transition deadline was July 1 [2]. CoinDesk reported that Binance still does not appear in the European Securities and Markets Authority's register of authorized providers, and that France's markets regulator, the AMF, listed Binance France's registration as lapsed on July 2 [1].
In July, Binance co-CEO Richard Teng said at a Reuters event in Singapore that about 70% of funds withdrawn by European users after the suspension of EU services went to self-custody wallets and about 30% to MiCA-licensed platforms, The Block reported. The article noted that no independent data backed the figures. Teng argued that risk is amplified once assets move into self-hosted wallets, and said several EU jurisdictions had invited Binance to apply for local licenses [3].
For the market, the practical effect is a forced migration of European balances on a fixed timetable, with a mix of destinations that includes self-custody and licensed competitors. It also keeps attention on how quickly Binance can secure an EU license.
The next checkpoints are November 29, when the fees start, and any announcement naming the member state where Binance has applied. Whether the exchange appears in ESMA's register would be the clearest sign that its European position is changing.
Sources:
[1] CoinDesk, "Binance users in some European countries told to pull crypto before fees kick in, with accounts closing by year end", November 7, 2026. https://www.coindesk.com/business/2026/11/07/binance-users-in-some-european-countries-told-to-pull-crypto-before-fees-kick-in-with-accounts-closing-by-year-end
[2] Decrypt, "Binance Withdraws MiCA License Application in Greece, Leaving EU Users in Limbo", June 24, 2026. https://decrypt.co/371990/binance-withdraws-mica-license-application-greece-eu-users-limbo
[3] The Block, "Binance co-CEO says 70% of EU withdrawals went to self-custody after MiCA deadline, with just 30% going to licensed platforms", July 10, 2026. https://www.theblock.co/post/407888/binance-co-ceo-says-70-of-eu-withdrawals-went-to-self-custody-after-mica-deadline-with-just-30-going-to-licensed-platforms
This article was produced with AI assistance. It is for informational purposes only and is not financial advice. StockVolt and its authors may hold positions in securities mentioned.