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Binance has withdrawn its MiCA licence application in Greece and will suspend crypto services across multiple EU countries from July 1, after failing to receive regulatory approval before the bloc’s transition deadline expired.
The move marks a significant Binance MiCA compliance challenge as the company races to maintain its presence in Europe through an alternative licensing strategy before the new regulatory regime fully takes effect.
Binance confirmed on Thursday that it had withdrawn its MiCA licence application in Greece ahead of the June 30 deadline and now plans to pursue authorization through another EU member state. The decision affects users across multiple European markets, highlighting the growing importance of Binance MiCA compliance as crypto firms adapt to the EU’s harmonized regulatory framework.
Binance informed customers that its French entity would no longer be able to onboard new users and would stop providing crypto asset services in France from July 1, 2026. The exchange later clarified that the change extends beyond France, with similar notices sent to affected users in several other EU countries.
Despite the service suspension, Binance assured customers that their digital assets would remain protected.
“Your assets remain safe and secure, and will remain accessible at all times.” — Binance, email to affected clients.
The announcement underscores the practical impact of Binance MiCA compliance requirements as exchanges face increasingly strict licensing obligations throughout the European Union.
The Markets in Crypto-Assets Regulation, commonly known as MiCA, entered into force in 2024 to establish a unified legal framework governing crypto asset service providers across all EU member states. The legislation introduced standardized rules covering investor protection, operational transparency, market integrity, and anti-money laundering obligations.
Crypto exchanges were granted a transition period until June 30, 2026, to secure authorization from a national regulator within the European Union. According to Binance, the majority of exchanges have not completed the authorization process before the deadline, making Binance MiCA compliance part of a wider industry challenge.
Explaining its decision to abandon the Greek licensing process, the company cited regulatory timing rather than a lack of engagement.
“After careful consideration of the status and the timeline of the process in Greece, with our users’ interests at the center.” — Binance.
The exchange added that it had worked “constructively and in good faith” with Greek regulators but did not receive a formal decision before the transition period expired.
Rather than continue waiting for approval in Greece, Binance said it will seek authorization through another European jurisdiction that can provide greater regulatory certainty.
The company described the decision as part of its long-term strategy to remain compliant while minimizing uncertainty for customers.
“We have taken the prudent decision to move forward in a way that gives users more clarity and allows us to continue pursuing a compliant, long-term path in Europe.” — Binance.
Meanwhile, The European Securities and Markets Authority (ESMA) has issued a final warning to unauthorized cryptocurrency firms operating within the European Union, as the MiCA deadline approaches on July 1.
The latest development reflects the increasing significance of Binance MiCA compliance, with exchanges now required to satisfy uniform regulatory standards before operating throughout the European Union.
Founded in 2017, Binance quickly grew into the world’s largest cryptocurrency exchange, helping co-founder and former Chief Executive Officer Changpeng Zhao become one of the crypto industry’s most recognizable figures. Originally launched in China, the company later relocated its operations internationally following Beijing’s crackdown on cryptocurrency trading.
However, Binance’s rapid expansion has been accompanied by growing regulatory scrutiny around the world.
Following the sharp downturn in cryptocurrency markets in 2022, regulators intensified oversight of digital asset platforms. Binance has faced allegations in multiple jurisdictions involving anti-money laundering compliance, while French authorities continue an ongoing investigation into the company.
In late 2023, Changpeng Zhao pleaded guilty to violating U.S. anti-money laundering laws and served a four-month prison sentence in 2024.
Although those legal matters are separate from the current European licensing process, they continue to shape perceptions surrounding Binance MiCA compliance and the exchange’s broader regulatory strategy. As Europe implements one of the world’s most comprehensive crypto regulatory frameworks, obtaining MiCA authorization is expected to remain central to Binance’s long-term ambitions within the region.
The coming weeks will determine whether the exchange can successfully secure authorization through another member state and restore services to affected customers. Until then, Binance MiCA compliance remains one of the most closely watched regulatory issues in the European cryptocurrency market, illustrating how Binance MiCA compliance is becoming a defining factor for crypto exchanges seeking long-term access to the EU.
Primary Source: Euronews
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