Binance crypto exchange has made up its mind not to continue with the MiCA license application process in Greece but will instead opt for another EU member state ahead of the crucial deadline for the bloc.
In an announcement made on Wednesday, Binance clarified that the cryptocurrency exchange platform will no longer be seeking to get approval from the Hellenic Capital Market Commission (HCMC) of Greece. The firm further indicated that it will reveal the new licensing jurisdiction soon.
“Once we are ready, we will disclose the Member State to the public,” Binance explained. This comes right before July 1, which is the end of the transitional period in accordance with the MiCA regulations by the European Union. From this day onwards, crypto firms operating within the region will be required to obtain authorization.
Also Read | Cboe Predicts Launch Drives Options Expansion Into S&P 500 Exposure Products
Binance Looking for Another MiCA License Route
Previously, Binance’s Head of Europe and UK, Gillian Lynch, told Reuters that the company is still dedicated to Europe despite the roadblock it encountered in Greece.
As mentioned by Lynch, there were negotiations between Binance and the regulatory authorities of different nations, such as Ireland, Latvia, and Greece. Nevertheless, the worries related to its previous sanctions for money laundering and its global nature have complicated the entire process.
Even as Binance pursued several other possibilities, only one country received an application for a MiCA license from the exchange.
In the past week, Binance countered news that regulators in Europe are set to turn down its license application. According to Binance, the market regulator in Greece has already evaluated the license application and deemed it to be compliant, except for ESMA’s further review.
Users May Experience Service Changes
According to the exchange, it has been doing what is necessary to stay compliant with the European regulations before July 1.
It informed its users that some users might be affected by the imminent changes, but assured them that it would be contacting them directly.
Binance also made assurances that all client funds are safe, and minimizing disruptions is of paramount importance. No additional information was provided regarding what changes can be expected from the users’ side.
Binance MiCA Setback May Have Limited Impact
Despite Binance’s uncertain situation regarding its MiCA license, some experts say that the direct effect on its operations may not be too severe.
According to an analyst from CryptoQuant, Maartunn, euro pairs make up just 1% of the total spot trading volumes of the exchange. Nevertheless, Binance is one of the biggest exchanges serving European clients, processing between $100 million and $250 million worth of euro-pair volume daily in 2026.
Exchanges Playing Bigger Role in MiCA Compliance
Another feature of the MiCA regulations is that they have increased the role of exchanges in helping to comply with legal requirements for digital assets.
In particular, Ryan King, the founder of the EU Crypto Register, has recently highlighted the fact that now most of the whitepapers under MiCA are sent to regulators by exchanges and not token issuers themselves.
According to King, exchanges are increasingly becoming important partners in the compliance world due to their regulatory departments, connections with regulators, and legal support.
Some exchanges have started demanding MiCA whitepapers before listing tokens, and in some cases, they even assist in the production of these whitepapers for compliance purposes.
Also Read | Bank of America Triggers Fear With 75bp Fed Hike Plan
