Binance, the world’s largest cryptocurrency exchange, faces a major European setback as its Greek Markets in Crypto-Assets (MiCA) licence application reportedly nears rejection before the deadline.
The EU’s MiCA transitional period is set to conclude on July 1, 2026. Under this new framework, any exchange operating in the Union must hold an authorized license from at least one EU member by that date; without it, firms cannot legally serve EU customers.
The case now tests Europe’s new crypto rulebook and Binance’s regional strategy.
Greece review puts Binance MiCA path under pressure
Greece’s Hellenic Capital Market Commission (HCMC) could reject Binance’s MiCA application, though the entity’s grounds for doing so remain unclear.
“Our understanding is that the HCMC completed its review of the application and considered it compliant with MiCA requirements […] the application was subject to review at European Securities and Markets (ESMA) level.”
Binance had used Greece as its planned regulatory base in Europe, but the reported rejection could prevent passporting rights across the 27-member bloc. Under MiCA, crypto firms are allowed a “passport” to operate throughout the bloc, as per Reuters.
The Greek regulator declined to comment on the application because of confidentiality rules, as Binance said it has received no formal rejection from the authority.
Binance responds as EU deadline nears
Binance said it worked with Greek regulators for 18 months during the authorization process, and submitted the application in good faith. It added that its compliance teams and systems supported its MiCA push.
The file, however, still faces rejection before the July deadline.
Binance has tried to reassure European users after the report: “Binance remains committed to its European users and will continue to operate in compliance with applicable law,” the company stated through social media platform X.
The cryptocurrency exchange giant, which serves over 300 million customers worldwide, also promised another update before June 30.
MiCA decision could reshape EU crypto competition
The possible rejection could affect Binance’s access to a large European customer base. Without a licence, the exchange may need to halt services across the region, which could affect trading volumes, liquidity and product access.
MiCA aims to replace fragmented national rules with one EU-wide crypto framework. The rules cover governance, consumer protection, capital standards and operating requirements, for which the framework has become a major test for global exchanges.
Rivals with MiCA approvals could gain ground if Binance loses uninterrupted access; competitors Coinbase and Kraken already hold regulatory positions in Europe under the new regime.
Beyond the Binance case, then, the HCMC decision poses a wider regulatory question.
Disclosure: This article originally appeared in 150sec and was republished with permission.
Featured image: Kanchanara via Unsplash+
