Greece's financial regulator HCMC is expected to reject Binance's MiCA application, Reuters reports. Without a license, the world's largest crypto exchange cannot serve EU customers from July 1, when the transition rules for crypto expire.
Binance is led by CEO Richard Teng, but is still associated with the company's founder, Changpeng Zhao (pictured).
Binance denies the matter is settled. In a statement on X, Binance also said the company remains committed to its European users and will continue operating in compliance with applicable law. The company says it is taking a «prudent approach» to the MiCA transition, putting customers first, and will provide a further update before June 30. According to a spokesperson, HCMC has completed its review and found the application compliant with MiCA requirements, and the assessment has also been passed on to the EU's securities regulator ESMA — which HCMC reportedly informed that it considers the application compliant and intends to approve the license at an upcoming board meeting.
MiCA (Markets in Crypto-Assets) is the EU's first harmonized regulatory framework for crypto exchanges and other crypto service providers. A MiCA license in one member state grants so-called passporting rights to operate across all 27 EU/EEA countries. The transition period under the old national registration regimes ends June 30, and from July 1 unauthorized providers must halt their services in the bloc. For Nordic and Baltic readers, the case is a litmus test of how strictly the EU actually enforces the new framework against the industry's largest and most high-profile player.
A rejection would mean Binance does not receive passporting rights, and therefore cannot offer services to EU customers from the start of July. In practice, this could affect deposits, withdrawals, and trading for EU-based users on the platform, since the company would have no alternative legal basis to operate in the bloc once the transition arrangement expires.
HCMC itself has not publicly commented on the handling of the application, citing confidentiality rules. No formal rejection has been issued yet — the matter could still change before the deadline.
Binance applied for a MiCA license with HCMC on January 23, 2026, after establishing the local holding company Binary Greece to manage regional equity stakes and advisory services. The exchange described the Greek application as part of a broader push to build a regulated presence in Europe, following a $4.3 billion settlement with US authorities and earlier exits from European markets.
In February, Binance chief executive Richard Teng said Greece's workforce and security profile gave the country an edge as a regulatory hub compared with larger financial centers in Europe.
The exchange argues that delays or distortions in the MiCA approval process are not just a problem for Binance, but could weaken market liquidity, reduce competition and user choice, and ultimately push activity outside the EU. The company points out that MiCA was originally designed as a harmonized European framework, and that predictable regulation is a precondition for user protection, innovation, and Europe's competitiveness in digital assets.
Reuters reports that two sources familiar with the matter expect HCMC to reject the application. That contrasts with Binance's own account, in which the company claims the regulator has already concluded the application is compliant. As long as HCMC does not comment publicly, there is no independent confirmation of either version.
Sources: Reuters, Mezha, CoinDesk, Binance (X)
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