Binance Packs Its MiCA Bags, Leaves Greece Hanging Before July 1 🚪

Binance has formally withdrawn its Markets in Crypto-Assets (MiCA) license application with Greece's Hellenic Capital Market Commission (HCMC) and will pursue authorization in another European Union member state, the exchange announced on Wednesday. The decision comes eight days before the July 1 MiCA transitional deadline, after which crypto service providers without authorization must take "immediate" steps to wind down their EU activities, according to the European Securities and Markets Authority (ESMA).

Gillian Lynch, Binance's head of Europe and the United Kingdom, told Reuters the exchange is "not leaving Europe" and would seek a license through a different jurisdiction. "We may just have a different pathway to being authorized," Lynch said, adding that "if it is not Greece, I'm looking at other alternatives." Binance said in a statement that it "will announce that Member State" publicly when a decision is made. "We made this decision after careful consideration of the current status and timeline of the Greek process, with our users' interests at the center," the exchange said. "Our ambitions in Europe remain the same, and we are confident we will secure a license in the coming months."

Binance submitted its MiCA application in Greece in January, citing the country's recent economic growth. The exchange held talks with regulators in Ireland, Latvia and Greece, but negotiations encountered resistance over past money-laundering penalties, the company's international structure and what officials characterized as a risk-taking culture, Reuters reported. On June 16, Binance pushed back against an earlier Reuters report that EU regulators were preparing to reject the application, saying the HCMC had reviewed the filing and considered it compliant, subject to further review by ESMA.

The exchange said it will take steps before July 1 to remain "compliant with applicable requirements," warning that "some users may be impacted, and we will communicate directly with affected users to provide clear information on next steps." Binance added that "all user funds remain safe and secure" and that its "priority is to minimize disruption, provide clarity to users, and continue building a trusted and compliant digital asset ecosystem globally." Once approved in any single EU nation, a firm can "passport" its compliance to the other 27 member states, though French regulators have previously spoken out against allowing the practice from more permissive jurisdictions.

CryptoQuant analyst Maartunn told Cointelegraph on Monday that euro-denominated pairs account for about 1% of Binance's global spot trading volume. The exchange handled between roughly $100 million and $250 million in daily euro-pair volume during 2026, with occasional spikes near $600 million, and held an estimated 18.5% share of euro-denominated spot trading for the year, placing it second behind Kraken at 43.3%, according to CryptoQuant data. A Binance representative did not immediately respond to a request for additional comment on the timeline for selecting a new member state.