Binance Withdraws Greek MiCA Bid, Aims for EU License

On Wednesday Binance withdrew its application for a Markets in Crypto‑Assets (MiCA) license in Greece and announced it will seek authorization in another EU member state. The company has one week to obtain national approval before the MiCA regime becomes fully applicable on July 1.

Co‑CEO Richard Teng wrote on X that the firm recognises regulatory uncertainty can be frustrating and remains committed to securing a MiCA license in the coming months while trying to minimise disruption and keep users informed.

Binance said it will take necessary steps before July 1 to comply with applicable requirements and warned that some users may be affected. The company plans direct communications with customers who face changes to their access or services.

Gillian Lynch, head of Europe and the United Kingdom at Binance, wrote that the exchange is not leaving Europe and will explore alternative regulatory routes if the Greek application does not succeed. Binance has held talks with regulators in Ireland, Latvia and Greece but encountered resistance in those jurisdictions.

European authorities have raised concerns about aspects of Binance’s operations when assessing licensing eligibility, citing past penalties tied to anti‑money‑laundering enforcement, the company’s complex international corporate structure and what officials described as a risk‑taking culture.

MiCA requires crypto‑asset service providers to obtain authorization from a national competent authority in an EU member state and sets uniform rules for trading, custody and issuance of crypto assets across the bloc.

If Binance does not secure a national authorization by July 1, it would no longer be allowed to provide services covered by MiCA to customers in the EU. The company reports serving more than 300 million users globally and describes Europe as an important market.

Some industry executives estimate that many crypto trading platforms may not meet MiCA’s requirements, which could reduce the number of exchanges operating under the new regime.

Binance’s withdrawal of the Greek application leaves open where it will submit a new bid and whether any member state can complete an authorization quickly enough to meet the July 1 deadline.