Binance withdraws its MiCA application in Greece: a change of jurisdiction or a tactical maneuver?
On June 24, Binance officially withdrew its license application under the Markets in Crypto-Assets (MiCA) regulation, which had been submitted to the Hellenic Capital Market Commission. The decision was made without a formal rejection from the regulator — the application never reached the review stage.
The exchange confirmed its intention to obtain authorization in another European Union country, but the specific jurisdiction remains unnamed. This is an unexpected yet entirely rational move: given the strictness of MiCA requirements and the diversity of approaches among national regulators, choosing a more favorable or technically prepared jurisdiction could significantly speed up the process.
Recall that as early as June 16, Reuters, citing insiders, reported that the Greek regulator was ready to reject Binance's application. The exchange promptly denied this information at the time, calling it speculative. However, the withdrawal of the application a week later indicates that a conflict of interest or procedural disagreements did indeed occur.
MiCA is a unified regulation for all crypto companies in the EU, which came into effect in stages. A license obtained in one bloc country automatically grants access to all 27 markets through the passporting mechanism. Binance's competitors — Coinbase and Kraken — have already obtained such licenses. According to analysts' estimates, out of approximately 3,000 crypto firms previously operating in the region, only a small fraction have managed to complete the procedure, and up to 75% of platforms may leave the EU market or shut down.
My professional opinion: withdrawing the application in Greece is not a failure but rather a pragmatic step. Binance is clearly seeking to obtain a license in a jurisdiction where the regulatory environment is more predictable and where working contacts have already been established. Given the exchange's scale and its ambitions in Europe, I expect authorization to be obtained in one of the countries with a developed crypto infrastructure — possibly in France or Malta. The only question is timing: the market expects clarity within the coming months.