The Final Chapter for Binance France: Complete Account Shutdown by Year-End
In a significant development for the European crypto landscape, Binance France has set a definitive exit date. The exchange will terminate all customer accounts on December 31, 2023. This decision follows its inability to secure the required licensing under the EU's Markets in Crypto-Assets (MiCA) regulation. Deposit services for euros and other fiat currencies have already been halted.
New Fee Schedule and Critical Deadlines
Users who maintain assets in their accounts beyond the specified dates will be subject to new monthly management fees. Here are the essential details:
- Fee Calculation Date: November 29, 2023.
- Fee Structure: Starting from this date, a monthly management fee will apply. The charge is 0.025% of the total account balance or 10 USDC, whichever amount is higher.
- Billing Timeline: The first deduction is scheduled within three days after November 29. A second charge is expected after December 24.
- Payment Method: Fees will be deducted first from any USDC balance in the account. If USDC is insufficient, other available crypto assets will be used to cover the cost.
Required Actions for Account Holders
To avoid these fees entirely, users must withdraw all assets before November 29, the initial calculation date. This is the only way to ensure no management charges are incurred.
Assets remaining in accounts after the December 31 shutdown deadline may be handled at the platform's discretion. According to the terms of service, this could involve conversion, transfer to a third-party custodian, or other measures as outlined in the agreement.
This move underscores the increasing regulatory pressures within the EU and represents a major operational shift for Binance in France. Affected customers are advised to review their accounts promptly and make necessary arrangements for their digital assets.