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Binance Withdraws MiCA Application in Greece but Stays Active in Europe

Binance is shifting its focus to another EU member state, while Greek regulators took a close look at the MiCA application. The exchange says European customers and funds are not at risk.

By Luc Vesters
• 2 min read
Binance Withdraws MiCA Application in Greece but Stays Active in Europe

Key Takeaways

  • Binance is withdrawing its MiCA application in Greece and wants approval in another EU country.
  • The company says it is not leaving Europe and expects to get a license within a few months.
  • Binance says user funds are safe and will inform European customers about any account changes before the deadline.

Binance has withdrawn its application for a MiCA license in Greece and will focus on getting approval in another EU country. The crypto exchange announced this on Wednesday in posts on X. Even with this move, Gillian Lynch, head of Europe and the UK at Binance, told Reuters that the company has no plans to leave Europe.

MiCA Rules and Deadline

The Markets in Crypto-Assets (MiCA) rules are the first broad European law to regulate crypto assets and service providers across the EU. Under these rules, crypto companies must have a license from at least one member state by July 1, 2026, to offer their services across the EU. Without that license, they have to stop operating in the EU.

Binance's decision comes just before that deadline. The company said the choice to withdraw the Greek application came after a careful review of the current status and timeline of the Greek review process. Still, it remains confident that it can secure a license within a few months.

Reaction and Impact on Users

The withdrawal follows reports that Greek regulators wanted to reject the application over concerns about Binance's legal history and corporate structure. Regulators from Ireland and Latvia were also said to have been involved in the review.

Binance says user funds are safe and will communicate directly with European customers about any changes to their accounts before the compliance deadline. The company has not yet said which other EU country it will apply to for a license.

Why This Matters for the European Crypto Market

Binance's situation shows the challenges crypto companies face when trying to meet MiCA's strict requirements. The rules are meant to bring legal clarity, support innovation, and protect consumers in the European crypto market. For European users, it is important to know that major players like Binance are still looking for ways to operate inside the EU, despite complex rules and strict oversight.

Binance has faced similar pressure in other markets before, such as in the Philippines, where the regulator set conditions for a possible return.

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