Binance Withdraws Greek MiCA Bid, EU Access Hangs on July 1 Deadline

Binance pulled its application for a Greek MiCA license on Wednesday, saying it will seek authorization in another EU country instead. The decision lands days before a July 1 deadline: under the Markets in Crypto-Assets regulation, any firm without a license from at least one member state by that date must wind down EU operations.

Gillian Lynch, Binance's head of Europe and the UK, told Reuters the exchange is not leaving Europe. The company said in an X post that it made the choice after reviewing the Greek process timeline. It did not name the next EU country it will approach.

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

Binance said user funds remain safe and that it will contact affected European users about account changes before the compliance deadline. Last week, a Binance spokesman told CoinDesk the company believed the Hellenic Capital Market Commission had considered the application compliant with MiCA requirements and that ESMA had also reviewed it.

Combined exchange volumes fell 3.45% in May to $4.41 trillion, the lowest since September 2024. RWA perpetual futures volumes rose 10.4% against the trend, hitting a new all-time high.