The world’s largest crypto exchange, Binance, is at risk of losing market access across the European Union. According to a report by the news agency Reuters, Binance’s application for a MiCA license filed in Greece is facing rejection — with consequences for all 27 member states. Two people familiar with the matter told Reuters that Greece’s Hellenic Capital Market Commission (HCMC) is expected to turn down the application. Binance disputes this account.
What MiCA Is About
The background is the EU’s Markets in Crypto Assets regulation (MiCA), which establishes a unified legal framework for crypto service providers across the EU. The regulation creates a single authorization system: any firm approved by just one national regulator within the EU gains so-called passporting rights — the right to offer services across all 27 member states without needing separate approvals in each country. Authorization in one country therefore applies to the entire Union — but, conversely, the same holds true for a rejection.
The transition period during which crypto firms must obtain such national authorization expires at the end of June 2026; from July 1, the new framework applies in full. Without a MiCA license, Binance would no longer be permitted to offer its services in the EU from that point onward.
The Application in Greece
Binance filed its application in January 2026 through Greece’s regulator, having previously named Greece as its preferred regulatory base in Europe, citing the country’s workforce and security advantages. Co-CEO Richard Teng, who previously held regulatory roles in Singapore and Abu Dhabi, publicly championed Greece as the company’s preferred location as recently as February, expressing confidence that the exchange would meet the requirements.
A spokesperson for the HCMC declined to comment on the application, citing confidentiality obligations. The European Securities and Markets Authority (ESMA) also made no public statement.
Binance Pushes Back
The exchange itself does not confirm the impending rejection and presents the matter differently. According to its own account, Binance has been pursuing the MiCA license for around 18 months and has worked constructively with regulators throughout that time, including through a comprehensive application process with the HCMC. The company states that its understanding is that the HCMC completed its review of the application and deemed it compliant with MiCA requirements — and that the application was also reviewed at the ESMA level.
Binance further assumes that the Greek commission informed ESMA of its positive assessment and had intended to approve the license at an upcoming meeting. On the platform X, the company affirmed that it remains “fully committed to the goal of obtaining a MiCA license and operating under a single European framework.” According to its own figures, Binance has more than 300 million registered users worldwide (as of January 2026).
The exchange said its priority is to minimize disruption for users and announced that it would communicate further details on next steps and available options directly to customers before June 30, 2026. The implications, it noted, extend beyond Binance and touch on broader issues such as liquidity in European markets, competitiveness, and the tax base.
Context: A Test for MiCA Enforcement
The case is seen as a measure of how strictly European authorities intend to enforce the new framework. Several other crypto firms have already obtained licenses in EU member states; regulators in Germany and the Netherlands, among others, have authorized providers. A rejection could benefit licensed competitors such as Coinbase and Kraken in the European market.
The rejection has not yet been confirmed — neither the Greek regulator nor ESMA has commented officially. Clarity should come at the latest with Binance’s announced statement. Only a few days remain before the deadline.
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