Emails reportedly sent to users state that starting November 29th, a monthly fee of 0.025% or a minimum of 10 USDC will be charged on remaining cryptocurrency balances. The fee will be calculated based on the higher of these two options. The first deduction may occur within three days of November 29th, and the second after December 24th. Accounts with balances lower than the fee amount may have the entire remaining balance deducted.
The development is rooted in the European Union’s Crypto Asset Market Regulation (MICA). Under MICA, a cryptocurrency exchange needs to be authorized in one of the member states to operate across Europe. Binance is not yet on the European Securities and Markets Authority’s list of authorized entities.
Binance states that it is continuing the licensing process in Europe and believes it will receive the necessary authorization in the coming months. However, it is important for users who receive the notification to check their account dates and withdrawal options directly through Binance to avoid potential fees.
*This is not investment advice.
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