Binance's EU License Application Faces Potential Rejection by Greek Authority
Binance, the leading cryptocurrency exchange worldwide, may encounter significant obstacles in serving its European clientele if its application for a crypto license in Greece is denied. According to a report from Reuters, the Hellenic Capital Market Commission (HCMC) is expected to reject Binance's application for a Markets in Crypto Assets (MiCA) license, which is necessary for operating in the EU by the end of June.
Over the past 18 months, Binance has been engaged in a thorough application process with the HCMC. Despite the impending rejection, a Binance representative stated that the HCMC has reviewed its application and considers it compliant with MiCA standards, having also communicated this to the European Securities and Markets Authority (ESMA). The representative mentioned that the licensing process is expected to move forward in an upcoming board meeting.
Binance initially chose Greece for its MiCA licensing strategy, shifting away from its previous considerations of Malta. The exchange established a holding company in Greece last year as part of its efforts to secure the necessary regulatory approvals. However, the HCMC has yet to respond to inquiries regarding the status of the application.
