Hassan Maishera
TL;DR
-
Reuters reported that Binance’s MiCA license application in Greece may be rejected.
-
Binance says its application complies with MiCA requirements and has been reviewed by regulators.
Binance’s European Operations Face Fresh Regulatory Challenge
Binance, the world's largest cryptocurrency exchange, could face significant obstacles serving customers across Europe if its application for a Markets in Crypto-Assets (MiCA) license in Greece is rejected, according to a Reuters report published Tuesday.
The report, citing two sources familiar with the matter, said that Greece’s financial regulator, the Hellenic Capital Market Commission (HCMC), is expected to deny Binance’s license application ahead of the end-of-month regulatory deadline.
A rejection could complicate Binance’s ability to operate under the European Union’s unified crypto regulatory framework, which requires firms to obtain authorization from a member-state regulator before offering services across the bloc.
Binance disputed suggestions that its application is at risk, stating that it has spent the past 18 months working through the MiCA approval process in Greece.
According to a company spokesperson, Binance believes the HCMC has completed its review and determined that the application complies with MiCA requirements.
The exchange also said the application underwent review at the level of the European Securities and Markets Authority (ESMA), the EU’s financial markets regulator.
“Our understanding is that the HCMC completed its review of the application and considered it compliant with MiCA requirements, and that the application was also reviewed at the ESMA level,” a Binance spokesperson said.
The company further stated that the Greek regulator informed ESMA of its intention to move forward with the authorization process and present the matter at an upcoming board meeting.
Greece Chosen as Binance’s MiCA Gateway
Binance selected Greece as the jurisdiction through which it would seek MiCA authorization after speculation that the exchange might pursue licensing through Malta, where it previously maintained operations.
As part of its regulatory strategy, Binance established a Greek holding company linked to the license application process, according to local media reports published last year.
Securing approval in Greece would allow Binance to leverage MiCA’s passporting provisions, enabling the exchange to offer regulated crypto services across the European Union through a single authorization.
The MiCA framework represents the European Union’s first comprehensive regulatory regime for cryptocurrencies and digital asset service providers.
Under the rules, exchanges and crypto firms must obtain authorization from a national regulator before offering services throughout the EU.
For major global exchanges such as Binance, securing a MiCA license is increasingly viewed as essential for maintaining access to one of the world's largest regulated crypto markets.
A failure to obtain approval could limit Binance’s ability to serve European customers under the new regulatory framework, although the company has not indicated any immediate impact on its operations.
The HCMC has not publicly commented on the status of Binance’s application and did not immediately respond to requests for comment following the Reuters report.
With the regulatory deadline approaching at the end of the month, market participants are closely monitoring the outcome, as the decision could influence Binance’s long-term strategy in Europe and provide insight into how regulators are applying MiCA standards to major global crypto exchanges.
For now, Binance maintains that its application meets regulatory requirements and remains confident in the authorization process.
