Binance Withdraws its MiCA License Application in Greece and Seeks an Alternative in the EU

Binance has officially withdrawn its MiCA license application submitted to the Greek financial regulator, the HCMC, a week after Reuters mentioned a probable rejection. The platform now announces its intention to obtain authorization in another European Union member state, without specifying the name.

Binance withdraws its MiCA application in Greece 

Binance announced on Wednesday, June 25, its withdrawal from the MiCA licensing procedure with the Hellenic Capital Market Commission. The decision comes only seven days after a Reuters article citing two sources close to the matter, stating that the HCMC was about to reject the file.

The MiCA regulation, fully effective starting December 30, 2024, requires any platform wishing to operate in the 27 Member States to obtain national approval before July 1, 2026. Beyond this deadline, non-approved actors face the suspension of their services throughout the Union.

In a statement, Binance said it “worked constructively and in good faith” with the Greek regulator, while specifying it is moving “forward” in a manner favorable to its users. The platform had submitted its application in Greece in January, notably due to what it called the recent economic growth of the country.

A new Member State to urgently find

Binance assures that user funds remain accessible. The company specified it is “contacting all its European users” to inform them about possible required actions, available options, and applicable deadlines.

However, uncertainty remains real in the short term. The platform has not identified the country where it plans to submit its next application. As the 2024 French episode recalls, where authorities opposed the “regulatory passport” system between Member States, a license obtained in a less restrictive jurisdiction does not always guarantee access to the entire market.

Binance reaffirmed its long-term European commitment: “Europe is an important region for Binance, and our ambition to operate within a clear, fair, and harmonized MiCA framework remains unchanged.” Richard Teng, the platform’s CEO, had conveyed a similar message last week, promising communication before June 30, a deadline now passed by events.

This episode illustrates the ongoing tensions between Binance’s global ambitions and European regulatory requirements. The coming weeks will be decisive to know in which Member State the platform will try to reestablish its position.