Binance withdraws its MiCA application in Greece: a strategic move ahead of EU passporting.
On June 24, Binance officially withdrew its application for a license under the MiCA (Markets in Crypto-Assets) regulation, which had been submitted in Greece. Instead, the exchange announced its intention to seek authorization in another European Union country, without specifying the exact jurisdiction. This move is not a coincidence but a calculated tactic amid the tightening regulatory environment in Europe.
The application was under review by the Hellenic Capital Market Commission (HCMC), but no formal decision was ever made. Notably, the withdrawal came shortly after a Reuters report on June 16, which cited sources claiming that the Greek regulator was preparing to reject the documents. Binance denied this information at the time, but by withdrawing the application, it effectively acknowledged that the path through Athens had reached a dead end.
"Europe remains one of the key markets for Binance. We remain committed to operating within a transparent, fair, and uniform MiCA regulatory framework. Our plans for development in the region remain unchanged, and we are confident that we can obtain a license in the coming months," the exchange stated.
MiCA is a unified regulation for all crypto companies in the EU. A license obtained from one national regulator grants access to all 27 member states through the passporting mechanism. Binance's competitors—Coinbase and Kraken—have already received such authorization. According to analysts' estimates, out of approximately 3,000 firms previously operating in the region, only a small fraction have obtained a license. Up to 75% of platforms may shut down or leave the EU market due to non-compliance with the new requirements.
Analytical Commentary
The withdrawal of the application in Greece is not a defeat but a tactical retreat. Binance has clearly chosen a more favorable jurisdiction to obtain its "golden ticket" into the EU. Given the exchange's scale and resources, the likelihood of success in the coming months is high. However, the delay gives competitors a head start, which could impact Binance's market share in Europe. The market is waiting to see who will become the next "passport center" for the world's largest cryptocurrency exchange.