Bitcoin Trades Below $76,000 as Binance Closes Affected European Accounts
Key Facts
Bitcoin traded below $76,000 on Sunday, November 8, down 0.34% to $75,776.7 at 01:06 Eastern Time, according to Investing.com. The move came as investors assessed regulatory developments and risks tied to major cryptocurrency platforms. Among them was Binance’s plan to close affected European accounts after the transition period for the European Union’s Markets in Crypto-Assets rules ended. The move coincided with authorities’ scrutiny of digital asset transactions, alongside separate security concerns in the sector. The report said Bitcoin also remained below $80,000 after a difficult week for digital assets.
Binance confirmed its plan to close affected accounts by December 31, following the end of the transition period for the EU rules known as MiCA. The report said customers in France, Spain, Italy and Poland received notices asking them to withdraw their funds. Deposits to the accounts concerned were blocked, while withdrawals remained available, according to the report. The measure applies to affected European accounts on the platform, while their holders can still withdraw funds. The move comes as digital asset platform activity faces increased regulatory scrutiny within the European Union.
Binance set specific dates and fees for balances remaining in affected accounts. Starting November 29, the company plans to charge a monthly fee equal to 0.025% of the balance or 10 USDC, whichever is higher. Another fee after December 24 was also listed in the schedule cited by the report, which provided no further details about its amount. These dates give customers time before the monthly fee begins and before the targeted year-end closure. Binance said it would close affected accounts by December 31 after the MiCA transition period ended.
Binance’s regulatory path in Europe faces challenges in securing approvals to operate under the EU’s unified framework. The report said the platform had not yet obtained a license under that framework. It withdrew its Greek license application in June and is continuing to seek regulatory approval elsewhere in Europe. On June 24, the company announced that it had decided to withdraw its MiCA license application with the Hellenic Capital Market Commission and apply in another EU member state, without naming that country in its announcement. The closure of affected European accounts comes amid these regulatory efforts and compliance with EU rules.
Tighter European oversight has also extended to digital transactions that could be used to evade Russian sanctions. The European Union established a cryptocurrency task force to combat this type of evasion through a 12-month initiative. The initiative aims to coordinate enforcement among member states and target networks facilitating prohibited transactions, according to the report. The move puts digital asset transactions among sanctions enforcement priorities, alongside licensing requirements facing trading platforms. The report does not directly link this measure to Bitcoin’s price move during Sunday’s session, but cites it among the regulatory developments investors were assessing.
Regulatory pressure coincided with a separate security incident at Gnosis Pay, a provider of cryptocurrency-linked debit cards. The company disclosed on November 3 unauthorized access to its consumer system, exposing customer addresses, card numbers and linked cryptocurrency wallets. Gnosis Pay said customer funds were unaffected and the breach was contained. It added that it had strengthened fraud monitoring ahead of the planned shutdown of its legacy consumer system in December. The incident highlights another aspect of the risks investors are watching around digital asset platforms and services, alongside regulation.
EL7 data showed Bitcoin’s daily close at $75,844 on November 6, then $75,867.59 on November 7. In a broader context, a Reuters report published on November 4 said the cryptocurrency had fallen about 41% from record levels above $122,000 in October 2025. The report estimated that the cryptocurrency market lost about $300 billion during the previous month, citing concerns about future returns on artificial intelligence and rising borrowing costs. An Investing.com report on November 6 also said Bitcoin was on track for a weekly loss of nearly 2%, its fifth consecutive decline, amid uncertainty over the impact of Democrats’ control of the U.S. Congress on the sector. Binance’s upcoming dates, from the planned fee on November 29 to the closure of affected accounts on December 31, remain the dated developments cited in the report.