Binance withdrew its MiCA application from Greece's HCMC after months without a decision. It will pursue approval in another EU state. European users may face account changes.
Alpha Score of 30 reflects poor overall profile with poor momentum, poor value, weak quality, strong sentiment.
Binance withdrew its MiCA license application from Greece's Hellenic Capital Market Commission on Tuesday. The exchange said it will seek regulatory approval in a different EU member state after the process with the Greek regulator failed to reach a decision before the MiCA deadline.
The announcement came via a post on Binance's X account and a blog post. The exchange reviewed where the application stood and concluded the timeline no longer served its users, according to the blog.
CEO Richard Teng addressed European customers directly on X. "We remain committed to securing a MiCA license in the coming months, while providing clarity, minimizing disruption, and keeping users informed directly," he wrote. He added that customer funds remain safe and secure.
Binance submitted the application to Greece's HCMC as part of the MiCA regulatory transition that began in late 2024. By the time the transition period expired, the exchange had neither received formal approval nor secured a license. The months of engagement were constructive and in good faith, Binance said. It chose to redirect efforts toward a jurisdiction that would give faster clarity.
The company has not named the replacement EU country. It will announce the new jurisdiction when ready. Binance said the pullback does not signal a retreat from the EU market. It supports MiCA's objective of a unified regulatory framework and expects to obtain authorization from another member state in the coming months.
The move leaves Binance without an active MiCA application in any publicly identified jurisdiction. Competitors including Coinbase and Kraken have advanced their own European licenses. For more on the regulatory shift, see our crypto market analysis.
Some Binance users in Europe may face account-level changes depending on their country of residence and current account status. The exchange will reach out to affected customers through email and in-app notifications with details on required actions, options, and deadlines.
Binance warned users to verify communications carefully. It will never initiate phone calls or request passwords, two-factor codes, or private keys. Teng reiterated that all user funds are safe and secure.
The exchange said it will announce the new jurisdiction when ready.
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.