Binance CEO Richard Teng has moved to reassure customers affected by the European Union’s new crypto rules. Teng in a X post on Tuesday said that Binance users will see their assets staying safe and that withdrawals will continue to be available even after the July 1 MiCA deadline.
His comments come as Binance starts cutting services to users in parts of Europe after failing to secure a licence under the EU’s Markets in Crypto-Assets (MiCA) framework by the end of the transition period.
Teng wrote on social media the changes were “uncertain” but that Binance’s top priority was to support its customers.
“As we navigate the MiCA transition, I want to reassure our affected users that our priority remains supporting them responsibly,” he said.
Teng reassures fund safety
Teng said there is no risk to customer funds and that users will continue to have access to the options already communicated.User assets are safe and secure. “After 1 July, the options communicated to the affected users including withdrawals will remain available to them,” he said.
The reassurance comes after reports that Binance users in Poland, Italy, Spain and France received emails explaining how they can withdraw or deal with their funds as the exchange winds down certain services in those countries.
The changes follow Binance’s failure to get a MiCA licence ahead of the regulatory deadline in the EU. The company said it had withdrawn its application in Greece and now seeks authorisation in another EU member state, and said it planned to come back to the European market once it gets approval.
While this process is underway, some users will experience temporary service interruptions.
Teng said Binance has been reaching out to affected customers directly to explain what the transition means and what options remain available.“We are in touch directly with affected users on next steps and options available to them,” he said.
He also urged those with questions about their accounts to reach out to Binance’s customer support team via official channels.
MiCA rules become significant in EU crypto space
The arrival of MiCA is a sea change for the European crypto industry. Under the new rules, crypto firms that are approved will be allowed to operate across the European Union under one licensing regime.
Now unauthorised exchanges are being told to restrict or suspend some services until they comply.
The move is another chapter for Binance in its broader effort to bolster its regulatory compliance around the world.
The company remains one of the largest crypto exchanges in the world, but has come under increasing regulatory scrutiny in a number of jurisdictions over the last few years. Now it is one of its main priorities to get a MiCA licence as it seeks to stay in Europe.
“While operational changes are underway, the immediate priority for Binance is to keep customers ‘well informed and confident’ through the process,” Teng said.
“Our focus remains on giving users clarity, continuity, and confidence as we work through this period,” he said.
For users, the message is intended to ease concerns that surfaced following the announcement of service restrictions. While access to some Binance products may change depending on where customers live, the company says users will continue to have access to their funds and will still be able to withdraw their assets.
As Europe’s new crypto rules begin taking effect, Binance’s next challenge will be securing the regulatory approval needed to fully return to the region under the MiCA framework.
