Binance withdraws its MiCA license application in Greece — the exchange changes its jurisdiction in the EU
On June 24, Binance officially withdrew its application for a license under the Markets in Crypto-Assets Regulation (MiCA) in Greece. The world's largest cryptocurrency exchange confirmed its intention to seek authorization in another European Union country but did not disclose the specific jurisdiction.
The application was under review by the Hellenic Capital Market Commission, but no formal decision was ever issued. This move came as a surprise to the market, especially given Binance's recent statements about its commitment to European regulation.
Binance's Response and Context
In an official statement, the exchange emphasized that Europe remains one of the platform's key markets. "We remain committed to operating within the transparent, fair, and uniform framework of MiCA regulation. Our plans for development in the region are unchanged, and we are confident that we will obtain a license in the coming months," Binance representatives stated.
The withdrawal of the application followed a Reuters report on June 16, which cited sources claiming that the Greek regulator was preparing to reject Binance's documents. The exchange disputed this information at the time but has now effectively confirmed a change in strategy.
What Does This Mean for the Market?
MiCA applies to all crypto companies operating 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 obtained authorization. According to analyst estimates, only a small fraction of the approximately 3,000 firms previously operating in the region have obtained licenses, and up to 75% of platforms may close or exit the EU market.
My expert analysis: Binance's change of jurisdiction is not a sign of weakness but a tactical maneuver. The exchange is likely seeking a more favorable regulator within the EU to minimize operational risks. However, the delay in obtaining a license could cost Binance market share in Europe, especially amid active competition from rivals. In the coming months, we will see how effective this strategy proves to be.