Cryptocurrency exchange Binance has told its European customers that it is no longer providing services on the continent after failing to secure an operating license.
Privately held Binance is the world’s largest crypto exchange by trading volume.
Management at Binance has told customers in the European Union (EU) that it is suspending services because it will not have an operating license in place by July 1.
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Users across Europe have been emailed and told the exchange is no longer accepting new registrations and will restrict services across the EU.
The move comes after Binance failed to secure an operating license in Greece, which would have given it access to the entire European Union.
Binance continues to say that it plans to try and secure an operating license in another European country in coming months.
Media reports say that Binance plans to approach France about an operating license that would allow it to offer crypto exchange services in Europe.
But for now, Binance’s future in Europe remains unclear and it is suspending operations for the time being.
Crypto firms must have an operating license in place from at least one EU member state by July 1 to provide services across all 27 member countries.
Greece reportedly had issues with Biance’s past conduct and its approach to internal controls.
As a privately held company, Binance’s stock doesn’t trade on a public exchange.