Binance’s plan to serve customers in the European Union legally may be in jeopardy, as two people who are familiar with the matter told Reuters that Greece’s capital markets regulator is preparing to deny the world’s largest crypto exchange application for a Markets in Crypto-Assets (MiCA) license.

The exchange has since put out a measured response about its plan to “minimize disruption and keep users informed” as it approaches the June 30 MiCA deadline when unregistered crypto exchanges will be cut off from markets operating under the EU regulatory framework. 

Binance clarified that “We will provide a further update before 30 June 2026.” 

This matters beyond Binance.
Any delay or distortion in the MiCA authorisation process risks reducing liquidity, weakening competition and user choice, and pushing activity outside the EU.

— Binance (@binance) June 16, 2026

What does this rejection mean for Binance and the bloc?

MiCA requires every crypto-asset service provider operating in the EU to hold a valid license by July 1, 2026. 

Binance filed its application with Greece’s Hellenic Capital Market Commission (HCMC) in January, choosing Athens over established financial hubs like Frankfurt or Amsterdam. 

If the approval fails to come through, Binance would have no pathway to continued operations anywhere in the 27-member bloc, at least for now.

The HCMC has not made any comment regarding the application, citing confidentiality rules.

A Binance spokesperson reportedly stated that the company had worked constructively with regulators over the past 18 months and believed it had satisfied MiCA requirements. “HCMC has given no formal indication of the contrary,” the spokesperson said.

Why did Binance pick Greece as the hub for its European operations?

Co-CEO Richard Teng explained the rationale behind them settling for Greece at the Global Finance & Technology Network forum in Tokyo in February. 

“The license is pretty standard throughout Europe, so we have to think through many other factors, whether it’s social, whether it’s talent pool, safety and security issues,” Teng said at the time, as reported by Cryptopolitan. “Greece is where we think will be a good base for us to expand in Europe.”

However, the bet on Greece came with a risk because at the time of Binance’s application, Greece had not approved a single MiCA license. Germany, by contrast, had granted more than 45, and the Netherlands had issued 22, according to European Securities and Markets Authority data.

Binance set up a local holding company, Binary Greece, to anchor its European operations around the same time it submitted the application.

Is regulatory pressure building across the EU?

The Greek rejection would not be an isolated regulatory headache for Binance. France’s Autorité des Marchés Financiers had previously identified Binance among over 90 firms operating in the country without proper MiCA authorization.

More than 50 crypto companies now hold MiCA licenses across the EU, according to Cryptopolitan. Competitors, including Kraken, KuCoin, Coinbase, and OKX, have already secured their approvals and can operate across the European Economic Area.

Binance currently holds registrations in at least six European countries through various national regulators, Cryptopolitan reported in January. But those legacy permits expire once MiCA’s hard deadline passes.

If the HCMC formally rejects the application, Binance would need to either appeal the decision or apply through a regulator in another EU member state, with less than two weeks before the July 1 cutoff. 

Teng acknowledged the timeline risk back in February, telling reporters he would “leave it to the EU to determine” whether Binance secures its license before the deadline.

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