Binance Halts Trading Services for French Users Following MiCA Deadline

While Binance maintains that user funds remain secure, the platform has transitioned into a withdrawal-only mode for the French market. Users seeking to continue active trading are now forced to migrate their holdings to competitors. Reports indicate that many retail customers have already begun shifting their capital, with some expressing frustration over the lack of support during the transition. One user told BFM Business that the exchange left customers to navigate the transfer process entirely on their own.

This regulatory shift has created a vacuum that rivals are moving quickly to fill. Both Coinbase and OKX have launched aggressive campaigns to capture displaced European traders, emphasizing their own licensed status across the continent. The competitive landscape is shifting as the EU reaches 244 issued MiCA licenses, effectively favoring platforms that secured early compliance. Although Binance recorded roughly $1.6 billion in net outflows over the past month, the exchange continues to manage approximately $114 billion in global assets. The company has stated its intent to return to full service once it achieves the necessary regulatory status, yet for now, the path forward for its French user base remains uncertain.