Binance's Greek Exit Looms Large: MiCA Drama Hits Acropolis 🚨

Crypto exchange Binance is bracing for the loss of its ability to serve clients across the European Union after Greece's Hellenic Capital Market Commission (HCMC) moved toward rejecting the firm's Markets in Crypto-Assets (MiCA) license application ahead of the June 30 regulatory deadline. According to a Reuters report citing two people familiar with the matter, the HCMC is preparing to turn down the application despite Binance having spent more than 18 months working through the licensing process. Without MiCA approval, Binance would be unable to legally operate in the EU starting July 1, when the framework becomes fully enforceable.

Binance pushed back on the reporting in a Tuesday blog post, stating that its "understanding is that the HCMC completed its review of the application and considered it compliant with MiCA requirements," subject to further review at the European Securities and Markets Authority (ESMA). A Binance spokesperson told Cointelegraph that the company expected ESMA "intended to progress the licence and move to authorise at an upcoming board meeting," and added that the exchange would update users by June 30. "HCMC has given no formal indication of the contrary," a Binance spokesperson told Reuters, while the HCMC itself declined to comment on the application due to confidentiality rules.

The exchange confirmed it established a Greek holding company, Binary Greece, in December and formally applied for a MiCA license through the HCMC in January. "We have been pursuing a MiCA licence and have worked constructively with regulators over the past 18 months, including through a comprehensive application process with the HCMC in Greece," a spokesperson told Decrypt, adding, "Our priority is to minimize disruption and keep users informed. We will provide further details directly as additional information becomes available, including in relation to next steps and available options." In a blog post, the firm stated that Europe remains "central to [its] long-term plans" and that it "remains willing and ready to operate under a truly harmonized MiCA regime."

Separately, The Big Whale reported that Binance has opened discussions with France's Autorité des Marchés Financiers (AMF) to secure a pan-EU MiCA license through France, though the exchange has not yet filed a formal application. According to that report, European Central Bank President Christine Lagarde expressed opposition to a Greek approval, with political motivations tied to stablecoins and the future Digital Euro. Binance already holds a digital asset service provider (DASP) registration with the AMF, which permits limited operations in France.

Several major competitors have already secured MiCA-related approvals or regulatory positioning inside the bloc, including Coinbase, Kraken, Bitstamp, Circle, eToro, and Revolut. Binance remains the world's largest crypto trading platform by volume, and co-CEO Richard Teng said the exchange remains dedicated to securing a MiCA license. Meanwhile, the BNB token was down nearly 2% to more than 3% amid the reports, depending on the source and timing of the market move.