Forced exit from the European market on July 1st, record hacking of 6.3 billion dollars on October 29th, French accounts closed on December 31st: Binance’s 2026 pushes many users to move thei
Forced exit from the European market on July 1st, record hacking of 6.3 billion dollars on October 29th, French accounts closed on December 31st: Binance’s 2026 pushes many users to move their cryptos. The transfer to another platform takes place in five steps, provided that two or three errors are avoided. Here is the procedure to follow towards OKX, and what the platform really offers to those who arrive. The latest episode, the closure of Binance’s French accounts, revives the question.
Because two events followed each other: the loss of the European market, then a record hacking. On June 24th, Binance withdrew its MiCA authorization request filed in Greece. A week later, the transitional period of the European regulation ended. Since July 1st, residents of the Union can no longer deposit or trade on the platform; only withdrawals remain open.
Binance aims to return through a French license, but nothing has been granted to date. In France, the Financial Markets Authority deregistered Binance France on July 2nd, with this reason: “Automatic expiration due to the end of the MiCA transitional period“. Accounts will be closed from December 31st, with fees from November 29th.
The second shock was on October 29th. Hackers linked by the FBI to North Korea stole about 6.3 billion dollars across ten networks, a record that lowered bitcoin without causing a collapse. Withdrawals were suspended for about two and a half days, worldwide. The platform committed in writing: “Binance will bear the financial impact of the stolen funds. These losses will not be passed on to users“, reports Il Sole 24 Ore. It says it covered 95%.
It must be said clearly: no customer lost money in this hack, and outside Europe Binance operates normally. Many have nevertheless chosen to diversify their holdings. CNBC noted 3.64 billion dollars in net outflows when withdrawals reopened.
Date Event Consequence for Users June 24, 2026 Binance withdraws its MiCA authorization request in Greece No European license at expiry July 1, 2026 End of MiCA transitional period In the EU: no more deposits or trading, withdrawals open October 29, 2026 Hacking: 6.3 billion dollars stolen Withdrawals suspended about two and a half days, everywhere November 1, 2026 Progressive reopening of withdrawals Binance says it covers 95% of the loss from its own funds November 29, 2026 France: start of management fees 0.025% of balance, minimum 10 USDC per deduction December 31, 2026 France: closure of accounts Remaining assets handled according to terms of useDirectly in crypto, without converting back to euros, and in five steps.
Withdrawal fees depend on the crypto and network chosen: compare them before confirming. Especially avoid selling everything into euros to buy crypto elsewhere. In France, a simple transfer between two accounts in your name is not taxable, whereas a sale for euros triggers capital gains tax.
One administrative detail, finally. OKX Europe is a Maltese company: a French resident must declare this account on the form 3916-bis with their income tax return. It is a box to fill, not a tax.
A European license, reserves published each month, and account protection, each with its limits.
Point Key Takeaway Limit to Know Authorization OKX Europe Limited is MiCA authorized by the Maltese regulator (MFSA) since January 27, 2025, with a passport in the EEA Outside Europe, you depend on another OKX entity with different rules Proof of Reserves 49th monthly report: 27.8 billion dollars on BTC, ETH, USDT, and USDC, with ratios of 108%, 101%, 106%, and 100% Not a full accounting audit, and no third-party auditor is named OKX Shield Possible reimbursement if a third party takes control of your account: up to €100,000 and €500,000 for VIP 4 to 6, free of charge Reserved for verified EEA accounts, must be activated; discretionary program, not insurance Deposit Bonus Until December 10: 2% of net crypto deposits, equivalent to 8% annualized rate, in some European countries €850 max in France, Italy, and Spain; registration before deposit; funds to hold until March 11, 2027The proof of reserves deserves a word. A 108% bitcoin ratio means OKX holds more bitcoins than it owes its clients, and everyone can verify their balance is included thanks to cryptographic proof (zk-STARK). Binance’s is also self-certified. The difference is mainly in the framework: a MiCA-authorized provider must separate client assets from its own and is liable for losses due to incidents it causes.
For account security, we detailed OKX Shield at its launch in September. Activation requires a passkey, facial verification for large withdrawals, and mandatory two-factor authentication. None of these protections make a platform invulnerable; they reduce the most common risk, that of your own account.
The future depends on two files. If Binance obtains its French license, it can return to the 27 Union countries via passporting, and European users will regain choice. If the process drags on, French accounts will close on December 31, and the exit movement will continue. The full technical report on the October 29 hack has not yet been published.
To open your OKX account before initiating the transfer: sign up with the COINTRIBUNE code. Identity verification is mandatory; OKX Shield and the deposit bonus are subject to conditions and your country’s eligibility.
