The world's biggest crypto exchange, Binance, is staring at the possibility of being shut out of Europe. On Tuesday the company stated that it believes it is operating in full compliance with the European Union's Markets in Crypto Assets (MiCA) regulatory framework. The clarification came after reports that the firm is likely to lose its ability to offer services to EU residents.
The June 30 deadline and Greece's regulator
Citing two sources familiar with the matter, TrendKia has learned that Greece's markets regulator is expected to deny Binance's application ahead of the June 30 license deadline. Should that happen, the exchange would have to cease operations across the European Union, and according to TrendKia that outcome now looks likely imminent.
How Binance is responding
A spokesperson for the exchange told TrendKia, “We have been pursuing a MiCA licence and have worked constructively with regulators over the past 18 months, including through a comprehensive application process with the HCMC in Greece.” They added, “Our understanding is that the HCMC completed its review of the application and considered it compliant with MiCA requirements.”
The company maintains that it completed every formality tied to the application. The spokesperson also told TrendKia that its understanding is that its MiCA application was reviewed at the ESMA level as well.
How the process unfolded
Binance established a holding company in Greece in December and formally applied for a MiCA license in January through the HCMC. The exchange, the world's top crypto platform by daily trading volume, would have been able to pass through its services to other EU nations such as France, Spain, and Germany had it secured approval. Without it, the firm would need to halt its business throughout the bloc.
Reassuring its users, the company posted on X, “Our priority is to minimize disruption and keep users informed. We will provide further details directly as additional information becomes available, including in relation to next steps and available options.” In a blog post, Binance stressed that Europe remains “central to [its] long-term plans,” adding that it “remains willing and ready to operate under a truly harmonized MiCA regime.”
Rising friction over MiCA in Europe
This standoff is not unique to Binance. In January, regulators in France indicated that around 90 crypto firms were operating in the region without MiCA compliance, though about 30% had applied for the license at that time.
Last year, the country's regulators threatened to disallow “passporting,” the transference of compliance granted by MiCA licenses across EU nations, as they sought to push oversight upward to the European Securities and Markets Authority (ESMA).
