Binance France to Close All Customer Accounts by Dec. 31
Summary
- Binance France said it will close all customer accounts by Dec. 31.
- Starting Nov. 29, accounts with remaining balances will be charged a monthly management fee equal to the higher of 0.025% of the balance or 10 USDC.
- The measure follows the European Union (EU)’s Markets in Crypto-Assets regulation (MiCA) and is expected to affect about 2 million users in France.
Forecast Trend Report by Period
Binance’s French unit will close all customer accounts by the end of the year.
Bitcoin News reported on Nov. 7 that Binance France plans to close all customer accounts on Dec. 31. Starting Nov. 29, it will charge a monthly management fee on accounts with remaining assets equal to the greater of 0.025% of the balance or 10 USDC.
The fee will first be deducted from USDC holdings. If that is insufficient, the remainder will be taken from other cryptocurrencies. Accounts that withdraw all assets before Nov. 29 will not be charged.
The move follows the European Union’s Markets in Crypto-Assets regulation, or MiCA. Binance France failed to obtain the required authorization before the MiCA transition period ended on June 30, forcing it to halt operations in France.
About 2 million users in France are estimated to be affected.
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