Greece Set To Ghost Binance's MiCA Application 🇪🇺

Binance is on track to lose its ability to serve European Union clients after Greek regulators indicated they plan to reject the exchange's application for a Markets in Crypto-Assets (MiCA) license, according to a Reuters report citing two people familiar with the matter. The expected denial from the Hellenic Capital Market Commission (HCMC) would strip Binance of its authorization to operate in the EU from the start of July, when the bloc's new crypto rules take full effect.

The exchange submitted its MiCA application in Greece in January, after establishing a local holding company in Athens. A Greek publication had previously reported that the HCMC was processing the application on an expedited basis, but two sources told Reuters that the regulator is now preparing to turn it down. Under MiCA, crypto firms must secure a license in an EU member state by the end of this month in order to continue offering services across the bloc.

Binance has not publicly commented on the status of the application. The HCMC also did not immediately respond to requests for comment, according to the report. The potential rejection comes as crypto firms across the industry race to comply with the EU's unified regulatory framework, which introduces a single licensing regime for crypto-asset service providers operating across member states.

The development places Binance alongside a growing list of major exchanges navigating MiCA compliance in Europe. Competitors including Coinbase have secured or pursued licenses in other EU jurisdictions, while Binance has faced increased regulatory scrutiny globally, including settlements and enforcement actions from multiple authorities in recent years.

Market reaction was muted but negative, with the $BNB token declining nearly 2% following the news. Under MiCA's passporting rules, a rejection in Greece would prevent Binance from using any other EU member-state license to continue serving customers in the bloc once the transitional period expires at the end of July.