Binance faces a potential EU exit after its MiCA licence application reportedly heads for rejection in Greece.
Binance, the world’s largest cryptocurrency exchange, is set to lose its ability to serve clients across the European Union from next month after its application for a key regulatory licence was reportedly rejected, according to sources familiar with the matter.
The exchange’s application, submitted through Greece’s market regulator under the European Union’s new Markets in Crypto-Assets (MiCA) framework, is expected to be turned down, two sources told Reuters.
Under MiCA rules, cryptocurrency firms have until the end of June to secure regulatory approval from an EU member state in order to continue offering services throughout the bloc. The licence acts as a regulatory “passport”, allowing companies authorized in one member country to operate across all 27 EU nations.
The reported rejection represents a significant setback for Binance and raises questions about the future of its operations in Europe, one of the world’s largest financial markets.
European regulators have intensified efforts to bring greater oversight to the cryptocurrency industry, which allows investors to trade digital assets such as bitcoin globally. Regulators have repeatedly warned that the rapidly expanding sector could pose risks to financial stability and investors if left inadequately supervised.
If Greece’s regulator formally rejects the application, Binance would be unable to continue operating legally in the EU from the beginning of July, leaving uncertainty for its customers across the bloc.
Following publication of the Reuters report, Binance said in a post on X that it intends to “support an orderly process and minimise disruption to our users”, without providing further details.
A spokesperson for Binance, which serves around 300 million customers worldwide, said the company had spent the last 18 months working closely with regulators while pursuing MiCA authorisation.
The spokesperson said Binance believes it has satisfied all requirements necessary for approval and understands that Greece’s Hellenic Capital Market Commission (HCMC) has completed its review and considers the application compliant.
“HCMC has given no formal indication of the contrary,” the spokesperson told Reuters.
Earlier this year, Binance co-chief executive Richard Teng highlighted Greece as a preferred regulatory base for the company’s European operations, citing the country’s labour force and security advantages over larger financial centres.
The exchange’s founder, Changpeng Zhao, popularly known as CZ, was pardoned by US President Donald Trump last year after previously pleading guilty to violating US anti-money-laundering laws.
The Hellenic Capital Market Commission declined to comment on Binance’s application, citing confidentiality obligations.
The case underscores the growing impact of MiCA, the European Union’s landmark cryptocurrency regulatory framework designed to bring the digital asset industry under formal supervision.
“We will provide a further update before 30 June 2026,” Binance said, adding that delays in the MiCA authorisation process risk pushing activity outside the EU.
Cryptocurrencies are digital forms of money recorded on blockchain technology, a decentralized ledger system that underpins the operation of assets such as bitcoin.
