Binance, the world's largest crypto exchange, is facing the risk of losing its operating rights in the European Union, after Reuters reported, citing informed sources, that the Greek market regulator (HCMC) is expected to reject Binance's MiCA license application before the June 30 deadline.
The licensing process takes 18 months.
Binance established a holding company in Greece last December and officially applied for a MiCA license through HCMC in January 2026. If approved, Binance will be able to provide services across EU countries such as France, Spain, and Germany through a "passporting" mechanism.
A Binance spokesperson stated: “We have been pursuing the MiCA license and working actively with regulators for the past 18 months, including a comprehensive filing process with HCMC in Greece. To our knowledge, HCMC has completed its XEM and assessment of compliance with MiCA requirements.”
Consequences of being rejected
Without a license, Binance would be forced to cease operations across the entire European Union – a market with hundreds of millions of potential users. This would be a major blow to the exchange's ambitions for global expansion.
Following the Reuters report, Binance issued a statement on X: “Our priority is to minimize disruption and keep users informed. We will provide further details directly as more information becomes available, including next steps and available options.”
In a blog post, Binance affirmed that Europe “remains central to the company’s long-term plans” and that it is “ready and prepared to operate under a truly harmonized MiCA regime.”
Complex legal landscape in the EU
In France, regulators have threatened to block the passporting mechanism as they seek to escalate oversight to the European Securities and Markets Authority (ESMA). Earlier this year, French regulators also stated that around 90 crypto companies operating in the region were not complying with MiCA. A Binance spokesperson said the company understands that its MiCA application is also being XEM at the ESMA level.
