Binance says it remains committed to Europe after withdrawing its Greek MiCA application and suspending some services for EU users. The exchange argues that MiCA’s success should be measured by how many firms enter the regulated market.
Binance says it remains committed to Europe after withdrawing its Greek MiCA application and suspending some services for EU users. The exchange argues that MiCA’s success should be measured by how many firms enter the regulated market.
Binance has defended its approach to European regulation after withdrawing its Markets in Crypto-Assets license application in Greece shortly before the July 1 deadline. The exchange suspended some services for affected EU customers and stopped accepting new registrations until further notice, but said it plans to pursue another licensing route.
Binance has defended its approach to European regulation after withdrawing its Markets in Crypto-Assets license application in Greece shortly before the July 1 deadline. The exchange suspended some services for affected EU customers and stopped accepting new registrations until further notice, but said it plans to pursue another licensing route.
The setback matters because MiCA is reshaping which crypto companies can serve customers across the European Union. Binance’s Europe and U.K. head, Gillian Lynch, argued that the framework should be judged by how effectively it brings major firms under supervision, warning that excluding large platforms could remove liquidity and infrastructure from the regional market.
The Wall Street Journal reported that the European Securities and Markets Authority had privately advised national regulators against approving Binance applications, citing financial-crime compliance concerns. Lynch disputed the characterization, saying Binance removed the accounts referenced in recent reporting and notified law enforcement after identifying the activity. She also rejected allegations that the company ignored sanctions concerns or retaliated against compliance staff.
According to Lynch, Greek regulators told Binance in April that its application was complete, and the company expected approval in early June. After regulatory board meetings were repeatedly postponed, Binance withdrew the application. Greece’s Hellenic Capital Market Commission did not immediately comment to CoinDesk.
Binance says it spends more than $300 million annually on compliance and employs over 1,500 compliance staff worldwide. Lynch said much of the licensing work has already been completed, which could shorten a future application process, and maintained that the exchange is not leaving Europe despite the current interruption.
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