Binance says Greece's HCMC forwarded its MiCA application to ESMA with a compliance finding. The exchange promises an update before June 30, but a Reuters report contradicted the outcome. The July 1 deadline could force Binance to halt EU services.
Binance says Greece's financial regulator completed its review of the exchange's MiCA application and forwarded a compliance finding to ESMA. The Hellenic Capital Market Commission (HCMC) communicated its intent to authorize Binance's Greek subsidiary, Binary Greece, the exchange said, promising a customer update before June 30. The statement directly contradicts a June 16 Reuters report that said HCMC was leaning toward rejection, a story that sources told the news service reflected internal compliance concerns.
The timeline is tight. MiCA's transitional period expires July 1. After that, any crypto-asset service provider in the EU without proper authorization must stop serving European customers. Binance filed through Binary Greece, a single-shareholder firm capitalised at €25,000, in January. Greece has not yet issued any MiCA license, according to ESMA data, which may have offered a less congested regulatory pipeline than France or Germany.
The Greek regulator's reported reluctance, as covered by a previous AlphaScala analysis, adds genuine uncertainty to the process. The ESMA board is expected to decide on the application in the coming weeks. A positive decision would let Binance passport its services across all 27 EU member states. A rejection would force the exchange to either appeal or wind down its European operations. Reuters earlier reported that HCMC flagged concerns about Binance's compliance history, though Binance has publicly rejected that account.
For European crypto users, the stakes are high. Binance is the largest exchange by volume, and its absence would shift liquidity to competitors like Coinbase and Kraken, which already hold licenses in other EU jurisdictions. The ESMA decision also sets a precedent for how the regulator handles large, politically sensitive applicants under the new framework.
Binance has committed to updating users before June 30. That update will be the next clear signal of where the application stands.
Prepared with AlphaScala editorial tooling from the source reporting linked above. Indexable analysis may include a cited Alpha Score value. Publishing checks screen each story before release. Educational coverage, not personalized advice.