Binance withdraws Greek MiCA bid but vows to remain in Europe

Binance has withdrawn its application for a Markets in Crypto-Assets (MiCA) license in Greece and will seek authorization in another European Union country, the crypto exchange said Wednesday via several X posts.

While Binance did not immediately respond to CoinDesk's request for comment, Gillian Lynch, head of Europe ‌and the United Kingdom, told Reuters that "Binance is not leaving Europe." Her comment follows her firm's bid to secure a licence in Greece to offer crypto services in the EU went sour.

Last week, Binance said its European regulatory MiCA application was compliant despite reports of Greek rejection. “Our understanding is that the HCMC (Hellenic Capital Market Commission) completed its review of the application and considered it compliant with MiCA requirements, and that the application was also reviewed at ESMA level,” a Binance spokesman told CoinDesk via email on June 16.

The decision comes days before a June 30 deadline. Under MiCA rules, crypto firms must obtain a license from at least one EU member state by July 1 to serve clients across the 27-nation trading bloc. Unlicensed firms must wind down their EU activities.

"We made this decision after careful consideration of the current status and timeline of the Greek process," Binance said. "Europe remains an important market for Binance... We are confident we will secure a license in the coming months."

The withdrawal follows reports that Greek regulators planned to reject the application. Reuters reported that officials in Greece, Ireland, and Latvia jointly tracked the bid, citing concerns about Binance's past legal issues and corporate structure.

Binance stated that user funds remain safe and that it will communicate directly with affected European users regarding changes to their accounts before the compliance deadline. The company did not name which EU country it will approach next.