Binance could be forced to cease serving customers across the European Union after its application for a Markets in Crypto-Assets (MiCA) licence in Greece is reportedly expected to be rejected. Sources familiar with the matter told Reuters that the Hellenic Capital Market Commission (HCMC) is leaning toward turning down the application, which would block Binance from using Greece as its regulatory gateway under the EU's new crypto framework. Under MiCA, which came into full effect in 2024, a licence from one EU member state allows a crypto-asset service provider to operate throughout the entire 27-nation bloc through passporting rights. The deadline for securing authorization is end of June; if the rejection materializes, Binance would lose legal standing to offer services from July.
A Binance spokesperson stated that the exchange has worked with regulators for 18 months under a comprehensive application process and believes it has satisfied all MiCA requirements. The company said it has received no formal indication that the application will be denied, though HCMC declined to comment due to confidentiality. The reported decision comes despite Binance publicly naming Greece as its preferred European regulatory base earlier this year, citing its workforce and security advantages.
The potential rejection follows other licensing hurdles, such as the Philippines central bank clarifying that Binance and its partner lacked the necessary virtual asset service provider licence. For Binance, an EU exit would disrupt services for millions of users and force a restructuring of its European operations. The outcome could also set a precedent for other exchanges navigating MiCA licensing.
