Binance withdraws its MiCA license application in Greece and shifts focus to another EU jurisdiction.
The world's largest cryptocurrency exchange, Binance, has officially withdrawn its application for a license under the Markets in Crypto-Assets (MiCA) regulation, which was submitted to the Hellenic Capital Market Commission in Greece. The decision was made on June 24, and as the platform itself explains, it intends to seek authorization in another European Union country. Which specific jurisdiction will become Binance's new entry point into the EU's single regulated space has not yet been disclosed.
Strategic Maneuver or Forced Measure?
Notably, no formal rejection from the Greek regulator ever followed — the application was withdrawn before a final verdict was reached. This move came amid a Reuters report on June 16, which, citing insiders, claimed that Greece was preparing to reject the exchange's documents. At the time, Binance categorically denied this information, but now, it appears, the company chose not to wait for a negative decision and took the initiative into its own hands.
"Europe remains one of the key markets for Binance. We remain committed to operating within the transparent, fair, and uniform MiCA regulation. Our plans for development in the region remain unchanged, and we are confident that we will be able to obtain a license in the coming months," representatives of the exchange stated on social media.
The Race for Passporting
As a reminder, MiCA is a unified regulation for all crypto companies operating in the European Union. A license obtained from one national regulator automatically grants access to all 27 member states through the passporting mechanism. Binance's competitors — giants such as Coinbase and Kraken — have already received their authorizations and are actively expanding in the market.
According to analysts' estimates, out of approximately 3,000 firms previously operating in the region, only a small fraction have managed to obtain a license. Up to 75% of platforms may either shut down or leave the EU market due to stricter requirements. Binance, obviously, does not want to be among the laggards, so changing jurisdictions is a logical, albeit risky, step.
My Take on the Situation
Withdrawing the application in Greece and shifting focus to another EU country is not a sign of weakness, but rather a pragmatic calculation. Binance aims to choose a regulator with a more predictable and favorable stance to minimize bureaucratic risks. However, time is running out: the full implementation of MiCA is imminent, and a delay in obtaining a license could cost the exchange market share in Europe. I believe that in the coming months, we will see Binance intensifying negotiations with regulators in Malta, Lithuania, or Ireland — these jurisdictions have already proven to be more flexible towards crypto companies.