Binance, the world’s largest cryptocurrency exchange, is reportedly on the verge of losing access to the European Union market after it applied for authorization under the EU’s Markets in Crypto Assets regulation, known as MiCA, which is expected to be turned down by Greece’s financial regulator.
According to a Reuters report citing two people familiar with the matter, Greece’s Hellenic Capital Market Commission (HCMC) is preparing to reject Binance’s application. If confirmed, the decision would prevent the exchange from continuing to offer services across the EU once the MiCA transition period expires at the end of June.
Binance, the world’s largest cryptocurrency exchange, is reportedly on the verge of losing access to the European Union market after it applied for authorization under the EU’s Markets in Crypto Assets regulation, known as MiCA, which is expected to be turned down by Greece’s financial regulator.
According to a Reuters report citing two people familiar with the matter, Greece’s Hellenic Capital Market Commission (HCMC) is preparing to reject Binance’s application. If confirmed, the decision would prevent the exchange from continuing to offer services across the EU once the MiCA transition period expires at the end of June.
Why Greece Became Binance’s Preferred Choice?
Earlier this year, Binance leadership publicly highlighted Greece as a strong candidate for its European regulatory base.
In February, Binance co-CEO Richard Teng said Greece’s skilled workforce and strong security profile gave it an advantage over larger financial centers competing to attract crypto businesses.
Teng, who previously served as a regulator in both Singapore and Abu Dhabi, stated at the time that the final decision would ultimately rest with European authorities and regulators reviewing Binance’s application.
Those comments reflected Binance’s confidence that it could secure authorization before the July deadline.
What a Rejection Could Mean?
If Binance ultimately fails to secure a MiCA license before the transition period ends, the exchange could lose its legal ability to serve customers throughout the European Union beginning in July.
Such an outcome would represent a major setback for the company, particularly given Europe’s importance as a crypto market.
The development could also create opportunities for competitors that have already secured MiCA-compliant operations, including Coinbase and Kraken, as European users seek regulated alternatives.
Market participants are also watching whether the uncertainty could affect BNB and broader crypto market sentiment in the short term.
At the time of publication, no formal rejection has been announced, and Binance could still pursue additional discussions or potential appeals depending on the regulator’s final decision.