What Binance is
Founded in 2017 by Changpeng Zhao (CZ) and Yi He, Binance is the world's largest cryptocurrency exchange by trading volume. It offers spot and derivatives trading, staking, one of the broadest product ecosystems in the sector and its own blockchain (BNB Chain). Since December 2025 it has been led by two co-CEOs: Richard Teng, a former regulator, and co-founder Yi He (Verified: September 2026). In 2023 the company went through the largest settlement in crypto history with US authorities, and in 2026 the failure to obtain MiCA authorisation, which has excluded it — for now — from the European market. It nevertheless remains the world's leading operator by volume and continues to serve clients outside the EU.
Regulation and licences
- MiCA: NO (Verified: October 2026). Binance does not appear in the ESMA register of authorised CASPs. On 24 June 2026 it withdrew the application filed in Greece — according to Reuters the Hellenic authority (HCMC) was preparing to reject it, with reservations linked to the anti-money-laundering record and the fit-and-proper requirement concerning CZ — and on 1 July 2026 it suspended services for EU residents: no new orders, deposits, registrations or staking products.
- Withdrawals remain open: EU users' funds are accessible and can be withdrawn during the orderly wind-down (Verified: September 2026).
- Binance has stated its intention to apply for a licence through another member state (according to the Financial Times, France) and to return to the EU "in the coming months". As of October 2026 no authorisation appears in the ESMA register, nor has any new application been made public. According to the Financial Times (1 October 2026), Binance continues to serve some EU clients by invoking the "reverse solicitation" exemption (services provided solely at the client's own exclusive initiative), including through its regulated entity in Abu Dhabi. ESMA and the authorities of France, Germany and Greece are examining this practice; ESMA points out that the exemption must be interpreted very restrictively and cannot be used to circumvent MiCA. Binance says it complies with the applicable rules and is working towards MiCA authorisation. (Verified: October 2026)
- For users in the EU: Binance today cannot legally offer its services. Anyone still holding funds on the platform can withdraw them to a personal wallet or to a MiCA-authorised exchange.
- In the US: in November 2023 a 4.3 billion dollar settlement for anti-money-laundering violations, with CZ stepping down as CEO. In September 2026, according to Bloomberg, federal prosecutors in Manhattan, together with the Justice Department's criminal division, opened an investigation into possible violations of sanctions against Iran. No formal charges are on record; Binance says it has a "zero tolerance" policy on sanctions violations and is cooperating with the authorities. (Verified: October 2026)
Security
- Internal insurance fund SAFU set up in 2018.
- In 2019 a hack took around 7,000 BTC: the losses were covered in full by the SAFU fund, no customer was left out of pocket.
- The 2023 US settlement ($4.3bn) concerned anti-money-laundering and sanctions violations, not custody of funds: CZ pleaded guilty, stepped down and served four months in detention in 2024; in October 2025 he received a presidential pardon in the United States (Verified: September 2026).
Alternatives
For EU users, entries on exchanges with MiCA authorisation:
- Kraken — full MiCA licence via the Central Bank of Ireland.
- Bybit — Austrian MiCA licence (FMA, May 2025), European headquarters in Vienna.
FAQ
Can I still use Binance from the EU? Binance is not authorised to offer crypto services in the EU. Since 1 July 2026 it has suspended registrations and restricted services for EU residents, having failed to obtain a MiCA licence by the deadline of the transitional regime. According to the Financial Times it continues to serve some European clients by invoking "reverse solicitation", a practice that ESMA and several national authorities are examining. As of October 2026 no MiCA authorisation is on record.
What happens to my funds on Binance? They remain yours and can be withdrawn: the suspension blocks new orders and deposits, not withdrawals. The most common route is a transfer to a personal wallet or to a MiCA-licensed exchange.
Who leads Binance today? Two co-CEOs since December 2025: Richard Teng and co-founder Yi He. Changpeng Zhao has held no executive roles since November 2023.
Verified sources
- https://en.spaziocrypto.com/regulation/binance-mica-license-withdrawn-eu-services-stop-jul
- https://crypto.news/binance-eu-mica-license-lockout-july-2026-explained/
- https://www.theblock.co/post/381196/binance-appoints-co-founder-yi-he-as-co-ceo-alongside-
- https://www.bloomberg.com/news/articles/2025-01-23/crypto-s-richest-man-cz-zhao-turns-bina
- https://www.esma.europa.eu/sites/default/files/2024-12/CASPS.csv
- https://www.coindesk.com/policy/2026/06/26/binance-tells-eu-users-it-will-no-longer-provid
- https://www.coindesk.com/policy/2026/09/22/binance-probed-by-u-s-federal-prosecutors-for-s
- https://cointelegraph.com/news/europe-binance-questions-esma-tighter-mica-oversight
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