Binance Could Face EU Exit as Reports Say Greek Regulator is Set to Reject MiCA License

Greece's financial watchdog is preparing to reject Binance's application for a pan-European crypto license, according to Reuters, putting the world's largest exchange on course to lose access to European Union clients as soon as July 1. Binance disputes the characterization and says its application meets the regulator's requirements.

The Hellenic Capital Market Commission (HCMC) has reviewed Binance's Markets in Crypto Assets (MiCA) license application and is set to deny it, Reuters reported Tuesday, citing two people familiar with the situation. Bloomberg separately reported the exchange is internally preparing contingency plans for an EU exit. Under MiCA's transitional schedule, crypto firms without a valid license are barred from serving EU residents starting July 1.

Binance pushed back in a blog post and on its official X account, saying the HCMC "completed its review of the application and considered it compliant with MiCA requirements" and that the application "was also reviewed at ESMA level." The exchange added that HCMC "informed ESMA that it was their view that the application was compliant and that they intended to progress the licence and move to authorise at an upcoming Board meeting."

"Binance serves more users in Europe than any other crypto exchange, and any delay or distortion in our MiCA path has consequences beyond Binance," the exchange wrote. "It risks weakening liquidity, reducing competition and user choice, and pushing activity, jobs, investment, and tax revenue outside the EU."

The exchange said it would provide a further update before June 30, 2026.

MiCA License

Binance said in its Tuesday blog post that it has been pursuing a MiCA license "over the past 18 months," including through an application process with the HCMC. The company chose Greece as its primary jurisdiction after speculation it might seek approval in Malta, where it had offices. Binance also set up a Greek holding company in conjunction with the application, per local reports from late 2025.

MiCA, the EU's unified crypto regulatory framework, came into full force this year. It requires exchanges to obtain authorization from a national regulator in one EU member state. That authorization then grants access to the entire bloc through a passporting mechanism overseen by the European Securities and Markets Authority (ESMA).

The HCMC had issued no public statement on the Binance application as of publication.

Consequences of Rejection

If the HCMC formally denies the license and no alternative path materializes before July 1, Binance would be prohibited from offering services to EU residents under MiCA rules. The exchange has not publicly disclosed the number of EU users on its platform, but has described itself as serving more European users than any other crypto exchange.

An earlier post from Binance's official X account Tuesday morning said the exchange was "still working to secure the right path forward under MiCA" and would "continue to update our users as progress is made."

Binance has faced sustained regulatory pressure in multiple jurisdictions. In 2023, the exchange reached a $4.3 billion settlement with the US Department of Justice and Treasury Department. Former CEO Changpeng Zhao pleaded guilty to a felony charge and stepped down as part of the deal. Richard Teng took over as CEO. The exchange has since operated under a US monitoring program while pursuing expansion in regulated markets, including Europe.

The MiCA deadline creates a structural pressure point for the sector. Several other crypto firms have secured licenses in EU member states under the framework; regulators in Germany and the Netherlands have already authorized crypto companies seeking compliance. Binance's application in Greece was one of the higher-profile outstanding cases ahead of the July 1 cutoff.

Not Confirmed

Binance's blog post described the HCMC review as complete but stopped short of confirming the Reuters account that a rejection was imminent. The HCMC has made no public statement on the matter. ESMA has also not commented publicly.

Binance's statement says the HCMC viewed the application as compliant and "intended to progress the licence and move to authorise at an upcoming Board meeting." Reuters' report, citing two people familiar with the situation, says the regulator is set to reject it. The two accounts have not been reconciled in any public filing or regulator statement.

Binance said it will update users by June 30, one day before the MiCA transitional deadline expires.