The exchange Binance will close all accounts of its French users on Dec. 31, 2026. Customers received the emails in early November, and fees on remaining balances start as soon as Nov. 29. Almost at the same time, it emerged that Binance finance chief Kaiser Ng is leaving the company.
What Binance told French customers
Cryptoast, Crypto Briefing and other outlets that had seen the emails reported the mailout on Saturday. The terms are simple and the deadlines are tight.
- Until Nov. 29, assets can be withdrawn at no extra cost.
- From Nov. 29, each month of holding funds on the exchange costs 0.025% of the balance, with a minimum of 10 USDC.
- On Dec. 31, 2026, the accounts will be closed.
If a customer does not take their crypto out by year-end, the exchange will treat the account as inactive under its terms of use. The assets may then be converted, transferred or otherwise processed. The email does not say how.
"Due to the orderly cessation of activities, your Binance France account will close as of December 31, 2026."
- from a Binance email to Binance France customers, November 2026
The cause is the end of the MiCA transition
In late June, Cointelegraph reported that Binance had warned EU users that key services would be restricted. The exchange failed to secure a MiCA authorization from any member state before July 1, when the transition period ended. That authorization is what allows a firm to operate across EU markets.
On Sunday, a Binance spokesperson answered a Cointelegraph query. According to the spokesperson, after the end of the MiCA transition period the exchange is progressively restricting certain services for affected users, on a schedule already communicated to them. Asked about similar emails in Spain and Belgium, the spokesperson gave no answer, although some outlets had reported them.
Media estimates put Binance's global base at no fewer than 300 million customers. Its app was downloaded more than 4 million times in the EU last year, so any restriction in the region is easy to notice.
Who replaces Kaiser Ng
Binance finance chief Kaiser Ng is leaving the company. In a statement obtained by Reuters, co-CEO Yi He said Ng decided to pursue a new venture after more than five years at Binance, with a transition plan running for the last half year.
Ng's LinkedIn profile says he has been CFO since January 2022. Before that he held the same job at the Kraken exchange for about five years. His successor is Justin Yek, formerly vice president of finance at Airwallex.
The departure coincides with the aftermath of a record hack. Attackers stole about $6.3 billion on Oct. 29, the largest crypto theft ever. Binance said it would cover the losses itself. The FBI and several researchers tie the attack to North Korean hackers, and Pyongyang denies it. The company's statement does not link the hack to the resignation.
What is left for customers
French Binance users have a little over three weeks to pull their assets without a fee. Those who miss the date will pay at least 10 USDC a month until the account is shut. Funds can go to a personal wallet or another exchange, and the list of crypto exchanges with ratings can be compared in advance. Whether similar emails will reach other EU countries, Binance has not confirmed.
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