Binance does not give up: new application for MiCA license after rejection in Greece
The world's largest cryptocurrency exchange has no intention of leaving the European market, despite a devastating blow from the Greek regulator. Binance is submitting a new application for a license under the MiCA regulation, aiming to maintain its presence in the European Union.
To recall, the Hellenic Capital Market Commission (HCMC) officially rejected Binance's request for a MiCA license. The company's local subsidiary submitted the documents back in January 2026, but the regulator, which has yet to issue any permits to cryptocurrency firms, made a negative decision. This was a serious blow to the exchange's plans: starting July 1, 2026, after the end of the MiCA transition period, the lack of approval from any EU national regulator will prevent the company from serving residents of the European Union.
Strategic Miscalculation in Greece
The choice of Greece as a base jurisdiction was initially fraught with high risks. The HCMC had not shown readiness to issue licenses, putting Binance in a vulnerable position. In response to the rejection, the exchange's management published an official statement, emphasizing that the Greek authority had deemed the documents correct, notified ESMA, and planned to approve the license at the next meeting. However, the final decision turned out differently. Now Binance lacks a legitimate "European passport" to operate across the continent.
New Attempt and Competitive Race
Despite the fiasco, Binance confirms its intention to comply with MiCA rules and continues to fight for the European market. The current top priority is protecting the interests of retail clients. Management promises to directly notify users about further actions and available options by June 30, 2026.
The situation is complicated by the fact that key competitors have already gained a strategic advantage. Kraken registered in Ireland as of June 2025, OKX and Crypto.com chose Malta, Bitstamp opted for Luxembourg, and Bitpanda selected Austria. All of them have access to all 30 EEA countries. Binance's previous local registrations in France, Italy, Spain, Poland, Sweden, and Lithuania have lost legal force under MiCA, as they do not grant the right to use the European passport mechanism.
If the new application is not approved soon, European users will likely migrate to platforms like Coinbase, Kraken, or Crypto.com, which have actively invested in compliance with EU regulatory requirements over the past two years.
My analysis: Binance finds itself in a time crunch. The delay in obtaining a MiCA license is not just an administrative setback but a direct threat to its market share in one of the most regulated regions in the world. Competitors have already staked their claims, and with each week of delay, Binance loses trust from both institutional and retail investors. The outcome of this battle will determine not only the exchange's future in Europe but also the balance of power across the entire continental crypto services market.