Two sources with direct knowledge of the situation told Reuters that Binance, the world’s largest cryptocurrency exchange, faces the likely rejection of its application to obtain an EU licence under the Markets in Crypto-Assets (MiCA) framework.
Under MiCA, crypto firms were given a firm cutoff at the end of June to secure authorisation enabling them to continue offering services across the European Union. According to the sources, Binance submitted its licence application to Greece’s market regulator, the Hellenic Capital Market Commission (HCMC), but that application is expected to be turned down.
The HCMC declined to comment on the specifics of Binance’s application, citing confidentiality rules. The sources said that if the licence is indeed refused, Binance would not meet the requirements to operate in the EU from the start of July.
A spokesperson for Binance said the company has been seeking MiCA authorisation and has engaged constructively with regulators over the past 18 months. The spokesperson described the process with HCMC as comprehensive and said Binance believes it met the relevant MiCA requirements. They added that Binance understood HCMC had completed its review and that the application was considered compliant with MiCA standards. "HCMC has given no formal indication of the contrary," the spokesperson told Reuters.
In February, Binance co-CEO Richard Teng cited Greece’s labour force and security profile as advantages for choosing the country as its regulatory hub in Europe. Teng, who previously worked as a regulator in Singapore and Abu Dhabi, said he would leave the determination of Binance’s licence status to EU authorities and whether it would be granted by the July deadline.
The account from the two sources, together with statements from Binance and HCMC’s refusal to comment, frames the immediate regulatory picture as uncertain. The approaching end-of-June MiCA cutoff remains the pivotal date in the timeline, and the expected outcome reported by the sources would constrict Binance’s authorised ability to offer services to EU clients after June ends.
This reporting relies on the information provided by the sources, the comments from Binance, Teng’s earlier remarks about Greece’s suitability, and HCMC’s decision to decline comment due to confidentiality. Where details are limited by those sources or by confidentiality, this article reflects that limitation rather than introducing additional facts or speculation.