Binance is seeking a new path to secure authorization in the European Union after its licensing efforts in Greece stalled just days before the bloc’s MiCA compliance deadline.
Key Takeaways
- Binance is withdrawing its MiCA application in Greece and plans to seek authorization in another EU member state.
- The exchange says it remains committed to Europe despite regulatory setbacks and mounting scrutiny.
- ESMA has warned that crypto firms without MiCA authorization must begin winding down EU operations after the transition period ends.
- Regulatory concerns reportedly center on Binance’s compliance history, corporate structure, and governance practices.
What Happened?
Binance is facing a critical deadline in Europe as the European Union’s Markets in Crypto Assets Regulation (MiCA) enters full force on July 1. The world’s largest crypto exchange has been unable to secure authorization through Greece, prompting the company to explore alternative routes to remain operational across the bloc.
The development comes as European regulators tighten oversight of the crypto industry, creating uncertainty around Binance’s future in one of the world’s most important digital asset markets.
⚡️UPDATE: BINANCE FIGHTS TO STAY IN EUROPE
— Coin Bureau (@coinbureau) June 24, 2026
Binance has withdrawn its MiCA licence application in Greece and is now seeking authorization in another EU member state, Reuters reports.
The company says it remains committed to the EU and its European users. pic.twitter.com/fPNWj3TEK6
Binance Shifts Strategy After Greece Application Stalls
Binance confirmed that it is withdrawing its MiCA application with Greece’s Hellenic Capital Market Commission and intends to pursue authorization in another EU member state.
In a statement, the company said:
The move follows months of engagement with regulators as Binance sought approval under MiCA, the EU’s landmark crypto regulatory framework. According to Reuters, Binance held discussions with regulators in Greece, Ireland, and Latvia, but ultimately submitted a formal application only in Greece.
Gillian Lynch, Binance’s head of Europe and the United Kingdom, emphasized that the company is not abandoning the region.
Lynch also said Binance had previously believed Greek regulators were likely to approve its application and that the company had not been informed why authorization failed to progress.
Regulators Raise Concerns Over Binance’s Record
According to sources cited by Reuters, regulators reviewing Binance’s application raised concerns about the exchange’s past anti-money laundering violations, its complex international structure, and what officials described as a risk taking culture.
Questions were also reportedly raised about the influence of Binance founder Changpeng Zhao, who said during a February podcast appearance that he remains the company’s ultimate beneficial owner.
Lynch rejected those concerns, stating that Zhao is “100% removed” from the company.
Binance has spent the last several years attempting to repair relationships with regulators worldwide. In 2023, Zhao pleaded guilty to violating U.S. anti money laundering laws as part of a $4.3 billion settlement with American authorities following a lengthy investigation.
U.S. regulators alleged that Binance failed to report more than 100,000 suspicious transactions connected to organizations designated by Washington as terrorist groups.
MiCA Deadline Creates Urgency
The timing is particularly significant because MiCA’s transition period ends on July 1. Under the framework, crypto firms must obtain authorization in one EU member state to provide services throughout the 27 nation bloc.
On Tuesday, the European Securities and Markets Authority (ESMA) reiterated that firms without authorization must take “immediate” steps to wind down their EU activities once the transition period expires.
The requirement puts pressure on Binance to secure approval quickly or potentially limit services for European customers.
Earlier this month, Binance challenged reports suggesting regulators were preparing to reject its application. The company said Greece’s regulator had completed its review and considered the filing compliant with MiCA requirements, subject to additional review.
Binance also reiterated that it supports MiCA and views the framework as an important step toward stronger consumer protections and legal clarity for the crypto industry.
European Users Could Be Affected
Binance acknowledged that some users may experience changes as the company works to remain compliant with European regulations.
The company added that all customer assets remain safe and that minimizing disruption remains a priority.
Despite the licensing uncertainty, Binance continues to play a major role in Europe’s crypto market. Sensor Tower estimates show the Binance app was downloaded more than 4 million times across the EU last year, with France, Germany, and Spain accounting for the largest share.
CryptoQuant data also suggests Binance currently handles between $100 million and $250 million in daily euro denominated trading volume, with occasional spikes reaching approximately $600 million. The exchange reportedly holds an estimated 18.5% share of euro spot trading, second only to Kraken.
CoinLaw’s Takeaway
In my experience, this story highlights the growing reality that crypto exchanges can no longer rely on their global scale alone to satisfy regulators. Binance remains one of the most influential players in the industry, but MiCA is showing that access to Europe’s market will depend on meeting increasingly strict compliance standards.
I found the most important part of this story is not whether Binance succeeds in one particular country, but whether it can convince European regulators that its governance and compliance systems have evolved enough to meet the bloc’s new expectations. The outcome could become a major test case for how aggressively MiCA is enforced across Europe.
