Binance is not giving up: a new attempt to obtain a MiCA license after the rejection in Greece
After the Hellenic Capital Market Commission (HCMC) rejected Binance's application for a MiCA license, submitted in January 2026, the exchange's management promptly stated its intention to continue fighting for the European market. The regulator justified the rejection by the lack of approval, which effectively deprives the company of the right to serve clients from EU countries as of July 1, 2026 — the end date of the MiCA transitional period.
Notably, Binance initially chose Greece as its anchor jurisdiction to obtain a "European passport," which was inherently associated with high risks. At the time of the application, the HCMC had not issued any MiCA permits to crypto companies, making this path particularly challenging. After the official rejection, the exchange confirmed that it would seek authorization in another European country.
Competitive advantage lost
The situation is complicated by the fact that Binance's main competitors have already obtained MiCA licenses and are actively leveraging their strategic advantage. Kraken registered in Ireland, OKX and Crypto.com in Malta, Bitstamp in Luxembourg, and Bitpanda in Austria. All these platforms have the right to serve clients in all 30 countries of the European Economic Area.
Binance's previous local registrations in France, Italy, Spain, Poland, Sweden, and Lithuania have lost legal validity under the new regulation. They do not allow the use of the European passport mechanism for free operation across the continent.
If Binance's new application is not approved soon, European users will likely migrate to platforms such as Coinbase, Kraken, or Crypto.com. These exchanges have actively invested in compliance with EU regulatory requirements over the past two years and are already prepared for full operation under the new conditions.
My analysis: The situation for Binance is critical but not fatal. The company has the resources and experience to quickly obtain a license in another jurisdiction, but every day of delay costs it market share. European regulators are clearly signaling that the "era of gray zones" for major players is over — now only full compliance with MiCA rules grants access to 450 million solvent clients.