Binance is set to lose permission to offer services to European Union clients within weeks as its application for a MiCA licence is expected to be turned down, sources say [1, 2]. Under new EU regulations, crypto companies must obtain a MiCA licence by the end of June to continue operating legally in the bloc [1, 2].
Binance submitted its application to Greece's market regulator, the Hellenic Capital Market Commission (HCMC), but the regulator declined to comment on the application due to confidentiality rules [1, 2]. A Binance spokesperson said, "HCMC has given no formal indication of the contrary," asserting the company believes it meets the requirements [1].
Without the licence by July 1, Binance would no longer qualify to operate in the EU [1, 2]. Binance said it has been pursuing a MiCA licence for 18 months and understands the HCMC review found the application compliant with MiCA requirements [1, 2].
In February, Binance co-CEO Richard Teng pointed to Greece's labour force and security profile as giving the country an advantage over bigger financial centres for its regulatory base in Europe. He said, "Greece's labour force and security profile gave it the edge over larger financial centres for its regulatory home in Europe" [1, 2].
The EU’s MiCA regulatory framework aims to bring crypto firms under uniform rules, with a deadline for licences set at the end of June 2026 [1, 2]. If Binance does not secure approval by then, its European operations face suspension beginning July 1. The coming weeks will determine whether the company retains its EU client base or must halt services in the bloc.
