Binance Faces EU Ban as MiCA License Application May Be Rejected in Greece

TLDR

• Binance’s MiCA license application in Greece may be rejected by the HCMC regulator
• A rejection would likely ban Binance from operating in the EU from July 1, 2026
• Binance says HCMC considered its application compliant with MiCA requirements
• The exchange warns a rejection could weaken liquidity and reduce competition in Europe
• Binance has until June 30 to secure approval or update users on its status

Binance, the world’s largest cryptocurrency exchange, could be blocked from serving European customers as soon as July 1. Reuters reported on Tuesday that Greece’s financial regulator is preparing to reject the exchange’s license application under the EU’s Markets in Crypto Assets framework, known as MiCA.

The MiCA framework requires crypto companies to hold a valid license to operate in the EU. The deadline for approval is June 30, 2026. Without it, exchanges cannot legally serve EU residents.

Binance applied for its MiCA license through Greece’s Hellenic Capital Market Commission, known as the HCMC, in January. The exchange chose Greece as its regulatory base after earlier speculation it would apply through Malta.

Binance set up a Greek holding company alongside the license application, according to Greek media reports from late last year.

What Binance Is Saying

Binance pushed back on the Reuters report in a Tuesday blog post. The company said the HCMC had completed its review and “considered it compliant with MiCA requirements.”

A Binance spokesperson told CoinDesk that HCMC informed the European Securities and Markets Authority, or ESMA, that the application was compliant. The spokesperson said HCMC intended to move forward and authorize the license at an upcoming board meeting.

Binance said it has been working toward a MiCA license for the past 18 months. The company said it would update users by June 30 regardless of the outcome.

The HCMC did not respond to requests for comment.

What a Rejection Would Mean

Binance says it serves more users in Europe than any other crypto exchange. A ban would affect a large number of retail and institutional customers across the region.

Other regulators, including those in Germany and the Netherlands, have already approved MiCA licenses for other crypto firms ahead of the deadline.

US Legal Issues Still in the Background

Binance remains under a compliance monitoring program in the United States. In 2023, the company paid a $4.3 billion settlement with the US Treasury and Department of Justice. Former CEO Changpeng Zhao pleaded guilty to one felony charge as part of that deal.

US lawmakers have recently been pressing Binance for answers over reports that the exchange processed around $1 billion in transactions tied to sanctioned entities.

Binance has not yet confirmed whether it has a backup plan if the HCMC application is formally rejected before the June 30 deadline.

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