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Binance Drops Greek MiCA Bid Days Before EU Deadline
Binance pulled its Greek MiCA bid days before the EU deadline. Euro pairs are just 1% of global spot volume but $100M-$250M daily. The exchange says it will reapply.
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Binance withdrew its Greek license application under the European Union’s Markets in Crypto-Assets framework. The decision came Wednesday, days before the July 1 deadline.
The MiCA framework requires any crypto service provider to hold authorization from a single EU member state to operate across all 27 countries. This week the European Securities and Markets Authority said platforms without proper credentials must begin shutting down in the EU immediately after that date.
CryptoQuant data shows euro-denominated trading pairs make up about 1% of Binance’s global spot volume. That figure understates the local exposure. The exchange handles between $100 million and $250 million in daily euro volume, with some days touching $600 million. Binance holds roughly 18.5% of the euro spot trading market, second only to Kraken at 43.3%.
A tri-nation supervisory team of Greek and Irish regulators, plus Latvian authorities, conducted the application review. Reuters sources said the group flagged Binance’s history of anti-money laundering violations, its complex corporate structure, and an operational approach officials called aggressive.