Binance contests a Reuters report claiming its MiCA license application may be denied, asserting compliance and the importance of consistent EU regulations.
Binance is contesting a report from Reuters that claims the Greek regulator is poised to deny its application for a MiCA license, asserting that its application meets all regulatory standards. According to the exchange, the review process has concluded favorably and no official decision has yet been made.
The Greek Capital Market Commission is currently evaluating Binance’s application, but has not made any public comments due to confidentiality protocols. Despite the Reuters report, Binance states it has not received any formal notifications regarding a potential denial.
The MiCA regulation, applicable to all crypto firms within the European Union, allows a single license to operate throughout the EU's 27 member states until a transition deadline in June 2026. Without proper authorization, Binance will not be able to legally serve EU clients after July 1.
Binance claims that its application has been positively assessed by the European Securities and Markets Authority (ESMA), and expects a favorable decision at the regulator’s upcoming board meeting. The company further elaborated that compliance is a priority, with 20% of its workforce dedicated to compliance, and yearly investments exceeding $200 million.
“The situation where a company passes all stages of approval but still faces uncertainty raises questions about the consistency of MiCA's application,” Binance noted, highlighting the importance of uniform regulatory standards across the EU for all crypto businesses.
The exchange also pointed out that delays in licensing could have broad repercussions, potentially leading to reduced market liquidity and less competition, which would negatively impact users and the economic ecosystem in the EU.
As of now, ESMA has indicated that crypto companies lacking a MiCA license must stop servicing EU clients by July 1. Currently, only 194 companies have secured licenses, with experts estimating that approximately 75% of previously operational firms may exit the EU market due to the new regulations.
