Binance halts EU services as Italy joins cryptocurrency regulatory crackdown

Binance announced it will stop providing services to European Union clients after failing to obtain the necessary licence by a July 1 deadline, according to CNBC citing the Financial Times. Customers in Poland, Italy, Spain and France have received emails this week instructing them how to withdraw their money from the exchange. The company said it will pursue authorisation in another EU member state, though any approval is likely to come well after the deadline.

Italy's inclusion in the list of affected markets underscores the European Union's tightening grip on cryptocurrency trading platforms. The regulatory pressure reflects broader EU efforts to bring digital asset exchanges under formal supervision, a shift that has forced major platforms to choose between costly compliance or withdrawal. For Italian retail traders and institutional users who have built positions on Binance, the deadline creates immediate pressure to relocate their holdings or cease trading.