Zhao: Binance MiCA Filing Compliant, Near Approval

In recent remarks, Binance founder Changpeng Zhao argued the company’s application under the EU Markets in Crypto-Assets (MiCA) framework met regulatory requirements and was nearing approval before political pressure intervened.

According to Zhao, Binance submitted required documentation, put governance and compliance measures in place that align with MiCA criteria, and saw the application move through reviews by competent authorities in the EU.

MiCA is an EU-wide regime that sets licensing, consumer protection, transparency and anti-money-laundering requirements for crypto-asset issuers and service providers. The rulebook creates a common authorization that allows approved firms to operate across member states under a single framework.

Binance sought MiCA authorization to continue serving customers across the bloc. Zhao claimed the filing had progressed toward final sign-off and that the company had taken steps to meet the regulation’s compliance and governance standards.

Zhao attributed the delay in approval to political dynamics rather than technical or regulatory shortcomings. He did not identify specific politicians or governments.

Regulators and lawmakers in several jurisdictions have previously raised concerns about crypto firms’ anti-money-laundering controls, consumer protections and market integrity. Binance has faced probes and enforcement actions in multiple countries, prompting the company to expand its compliance teams and adjust business practices.

An approved MiCA authorization would set standardized obligations for Binance in the EU, including ongoing reporting, capital and governance requirements, and adherence to market conduct rules. Delays or a denial of authorization could require the exchange to operate under national regimes or limit services in some member states while it seeks approval.

Zhao wrote: ‘The filing was fully compliant and close to approval before political forces intervened.' The final decision on Binance’s application will determine whether the exchange receives authorization to operate across the EU under the MiCA framework.