Greece Tells Binance "Thanks, But No MiCA" Two Weeks Before the EU's Big Deadline 🇪🇺

Greece's Hellenic Capital Market Commission is preparing to reject Binance's application for a Markets in Crypto-Assets (MiCA) license, according to a Reuters report on June 16 citing two people familiar with the matter. If confirmed, the decision would leave the world's largest crypto exchange unable to legally offer services across the European Union once MiCA's transitional period ends on July 1. Binance said in a Tuesday blog post that its "understanding is that the HCMC completed its review of the application and considered it compliant with MiCA requirements," and that the application was also reviewed at the European Securities and Markets Authority (ESMA) level. A Binance spokesperson told Cointelegraph the company believed ESMA "intended to progress the licence and move to authorise at an upcoming board meeting." The HCMC declined to comment on the application due to confidentiality rules. A Binance spokesperson told Reuters that "HCMC has given no formal indication of the contrary."

Binance applied for the MiCA license in Greece in January through a local holding company, Binary Greece, that it established in December. A Greek publication had earlier reported that the application was being processed on an expedited basis. The HCMC has not published a formal decision. Binance said it would update users by June 30, the MiCA deadline. "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," the firm posted on X.

According to a report from The Big Whale, Binance is now in discussions with France's Autorité des Marchés Financiers (AMF) to secure a pan-EU MiCA license, though it has not yet filed a formal application. The Big Whale, citing unnamed sources, said European Central Bank President Christine Lagarde signaled to Greek Prime Minister Kyriakos Mitsotakis that Binance was not welcome in Europe. Lawyers told Cointelegraph that MiCA does not prevent the ECB from sharing opinions with national regulators. "Nothing in the MiCA framework would prevent a third party like the ECB from offering its opinion to that national authority on Binance's application," said David Lesperance, founder at Lesperance & Associates. Yuriy Brisov, a lawyer at Digital & Analogue Partners, noted that "MiCA contains nothing that stops the ECB from talking to, advising, or sharing concerns" with a national regulator, but added that explicit ECB involvement is defined for stablecoin issuers, not exchanges. Binance already holds a digital asset service provider registration with the AMF in France, which permits limited operations.

"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 company said. "It risks weakening liquidity, reducing competition and user choice, and pushing activity, jobs, investment, and tax revenue outside the EU." Regulators in Germany and the Netherlands have already approved MiCA licenses, and firms including Coinbase, Kraken, Bitstamp, Circle, eToro and Revolut have secured MiCA-related approvals or regulatory positioning in the bloc. The price of Binance's $BNB token was down nearly 2% to more than 3% in the days surrounding the reports, amid a broader market downturn.