Binance faces a significant regulatory challenge in Europe as reports suggest Greece will reject its application for a Markets in Crypto-Assets (MiCA) license. This decision could force the exchange to halt services for European Union clients starting in July.
According to a June 16 report from Reuters, citing insider sources, the Hellenic Capital Market Commission is expected to deny Binance’s MiCA bid. Under the EU’s new regulatory framework, crypto firms must obtain authorization by the end of June to continue operating across the bloc.
A Binance spokesperson told Reuters that the exchange believes it has met all MiCA requirements and has not received any formal indication from the Greek regulator that the application will be denied. The company stated it has worked diligently with regulators over the past 18 months, submitting a comprehensive application to Greece’s market authority.
The spokesperson noted that the Hellenic Capital Market Commission has completed its review and, according to Binance’s understanding, considers the application compliant with MiCA standards. However, the regulator declined to comment on the application, citing confidentiality rules.
In a series of posts on X, Binance reaffirmed its commitment to European users and emphasized its compliance with applicable laws. The exchange highlighted its prudent approach during the MiCA transition period, aiming to minimize disruption and provide customers with clear guidance on next steps.
Binance argued that delays in MiCA authorizations could harm the broader crypto ecosystem, reducing liquidity, limiting competition, and pushing activity outside the EU. The company remains dedicated to finding the right path under MiCA and promises updates before the June 30 deadline.
This reported setback follows other regulatory hurdles, including a recent issue in the Philippines where the central bank stated that Binance and its local partner lacked the required license for certain crypto activities. While the Philippine case involved a single market, the MiCA decision affects all EU member states, as the license would enable operations across the entire bloc under a unified regime.
Binance maintains that it has satisfied all necessary requirements and awaits the regulator’s final decision. However, sources expect the application to be rejected before the June licensing deadline.