Binance, the world’s largest crypto exchange, is on the verge of losing permission to serve European Union clients after Greece’s market regulator moves to reject its license application, according to Reuters.
The rejection would come just weeks before a critical deadline under the EU’s Markets in Crypto-Assets (MiCA) regulation, which requires all crypto firms to hold a valid license by the end of June to continue operating across the bloc.
Application filed through Greece
Binance submitted its MiCA application through Greece’s Hellenic Capital Market Commission (HCMC), with co-CEO Richard Teng citing the country’s labor force and security profile as advantages over larger financial centers.
Teng, a former regulator in Singapore and Abu Dhabi, said in February that he would leave it to the EU to determine whether Binance received its license by the July deadline.
Binance disputes the outcome
A Binance spokesperson told Reuters the company believes it has met all relevant MiCA requirements and that HCMC had completed its review, finding the application compliant.
The spokesperson added:
“HCMC has given no formal indication of the contrary.”
The HCMC declined to comment on the application, citing confidentiality rules.
What happens next
Without a license, Binance would be unable to legally offer services to EU clients starting in July.
The exchange has spent 18 months working with regulators on its comprehensive application process.
A rejection would mark a significant setback for the company, which has faced regulatory scrutiny across multiple jurisdictions in recent years, including a $4.3 billion settlement with U.S. authorities in 2023.
