Binance Faces Potential EU Operating Ban Following Reported Greek MiCA License Rejection
Binance, a global cryptocurrency exchange, is reportedly set to lose its permission to serve customers within the European Union starting in July. This development stems from a reported decision by Greek regulators to reject the company's application for a Markets in Crypto-Assets (MiCA) license. Under new EU rules, crypto firms must secure a MiCA license by the end of June to operate across the 27-nation bloc, with a rejection from one member state potentially preventing wider EU operations. Binance, which states it has 300 million customers worldwide, maintains it has diligently pursued the license and believes its application was compliant.
Binance is expected to be unable to serve customers in the European Union from July, following a reported decision by Greek regulators to reject its application for a Markets in Crypto-Assets (MiCA) license. The new MiCA rules mandate that cryptocurrency firms obtain a license by the end of June to continue operating across the EU bloc.
Reports indicate that the rejection by Greece's market regulator means Binance will not receive the necessary approval to operate within the EU. Under MiCA, obtaining a license from an individual EU country serves as a "passport" allowing firms to conduct business throughout the entire 27-nation bloc. This regulatory framework aims to bring oversight to the multi-trillion-dollar crypto industry, which regulators have cautioned could destabilize markets and harm investors if not properly supervised.
Binance, which has 300 million customers globally, responded to the reports by posting on X (formerly Twitter) that it intends to "support an orderly process and minimise disruption to our users." A spokesperson for Binance had previously stated that the company has been pursuing a MiCA license for 18 months and believes it has met all requirements for authorization. The spokesperson also indicated an understanding that Greece's Hellenic Capital Market Commission (HCMC) had completed its review and considered the application compliant, adding that the HCMC "has given no formal indication of the contrary."
According to Reuters, the Greek rejection would mean Binance will not be given the green light to operate in the EU, leaving the future of its customers based in the bloc uncertain. (Source: Slashdot)
