Binance said it is withdrawing its application for a Markets in Crypto-Assets (MiCA) license in Greece and will instead pursue approval in another European Union country, just days before new rules take full effect on July 1. Without authorization, the exchange risks halting operations across the bloc.
Co-Chief Executive Richard Teng said the company remains committed to securing a license in the coming months and will keep users updated. Binance added it will take all necessary steps to comply with MiCA requirements before the deadline and will communicate directly with affected users.
Urgent shift as licensing hurdles persist
The move marks a sharp change in strategy, as Binance now faces a narrowing window to obtain authorization in a different jurisdiction. Under MiCA, crypto firms must be licensed in at least one EU member state to offer services across the region.
A senior executive overseeing European operations said earlier that Binance has no intention of leaving Europe and is reviewing alternative licensing routes. However, discussions with regulators in Ireland, Latvia, and Greece have reportedly encountered obstacles, according to people familiar with the matter.
Regulators have previously flagged concerns including the company’s complex corporate structure, past penalties, and risk management practices, complicating its approval process.
MiCA framework raises compliance bar
The MiCA regulation, adopted in April 2023, introduces a unified rulebook for crypto companies operating in the EU. It allows firms authorized in one country to “passport” their services across all 27 member states, simplifying cross-border activity while tightening oversight.
The European Securities and Markets Authority (ESMA) has warned that any platform serving EU traders without a MiCA license after July 1 will be in breach of the law and must stop operations. Firms without approval are expected to have already prepared exit plans.
Industry estimates suggest the impact could be widespread. One exchange executive recently said around 80% of crypto companies may fail to meet the new standards by the deadline.
Market implications and user uncertainty
Europe remains a key market for Binance, which reports over 300 million users globally. The region accounted for roughly 23% of global crypto activity in 2025 and is projected to continue growing steadily.
For traders using Binance in the EU, uncertainty is rising as the deadline approaches. A failure to secure last-minute authorization could lead to service disruptions, depending on regulatory outcomes. Binance has indicated that some users may be affected and is providing account-specific guidance.
ESMA has advised consumers to verify whether their platform is listed on its public register of authorized providers. As of mid-June 2026, more than 200 crypto service providers had secured approval.
Regulatory clarity is already reshaping the market. EUR-denominated stablecoin volumes have increased sharply, rising twelvefold between January 2025 and March 2026 to about $777 million per month, signaling growing demand for assets aligned with the new framework.
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