(Updated with comments from Binance and Richard Teng on X regarding compliance with EU laws.)
Binance, the world's largest cryptocurrency exchange by trading volume, is expected to have its application for regulatory approval in Greece rejected, a move that would prevent it from offering services across the European Union from 1 Jul, according to Reuters.
Under the EU's Markets in Crypto-Assets (MiCA) regulation, crypto firms must obtain a licence to continue operating bloc-wide after the current transitional period ends at the end of June. Binance applied through Greece's Hellenic Capital Market Commission (HCMC), but two sources told Reuters the bid is set to be turned down.
Without approval, Binance would no longer qualify to serve EU clients under the unified framework, while several competitors have already secured licences.
A Binance spokesperson told Reuters that the company has worked constructively with regulators for 18 months, believes it meets all MiCA requirements and has received no formal rejection from HCMC.
At 14:46UTC, Binance posted on X: "Binance remains committed to its European users and will continue to operate in compliance with applicable law."
At 15:11UTC, CEO Richard Teng reposted the official post, adding, "Binance is dedicated to Europe. We are committed to our European users and to operating under a clear, fair, and harmonized MiCA framework. We are dedicated to securing our MiCA licence and remain ready to operate under a fair, predictable, and genuinely harmonized European framework. We will continue to keep users updated as we make progress."
Sandmark has approached Binance for comment but had not received a response at the time of publication.
