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Binance risks losing access to EU market over MiCA license issues
Binance, the world’s largest cryptocurrency exchange, could lose permission to serve clients in the European Union as early as next month. According to two people familiar with the matter, the company’s license application is close to being rejected.
As Reuters reports, under the new EU rules known as MiCA, cryptocurrency companies must obtain a license by the end of June to continue providing services to clients across the bloc. Binance’s application, submitted to the Greek market regulator, is expected to be rejected, the sources said.
European regulators have been tightening oversight of cryptocurrency exchanges in recent years. These platforms allow users around the world to trade digital assets, including bitcoin.
Under MiCA, crypto companies must apply for licenses from regulators in individual EU countries. Once granted, such approval can be used as a “passport” to operate across the entire 27-member bloc.
If the Greek regulator does reject the application, Binance will not receive authorization to operate in the EU. In that case, the future of the exchange’s clients based in the European Union will remain uncertain.
How Binance responded
Cryptocurrency exchange Binance effectively avoided making a direct comment on the report about potential risks to its operations in the region.
On Tuesday, Binance published a blog post stating that Greece’s Hellenic Capital Market Commission (HCMC), one of the regulators responsible for oversight under MiCA, had completed its review of the exchange’s application and considered it compliant with the regulation’s requirements. However, the final review must take place at the level of the European Securities and Markets Authority (ESMA).
“Binance serves more users in Europe than any other crypto exchange, and any delay or distortion in our MiCA path has consequences beyond Binance,” the company said. According to Binance, this could weaken liquidity, reduce competition and user choice, and push activity, jobs, investment, and tax revenue outside the EU.
A Binance spokesperson told Cointelegraph that the company expects ESMA to “progress the licence and move to authorise at an upcoming board meeting.” At the same time, Binance did not immediately respond to an additional request for comment on the Reuters report, but said in its blog post that it would update users by June 30, the deadline for the MiCA application.
As a reminder, Binance recently faced new allegations related to Iran.
This material may contain third-party opinions, none of the data and information on this webpage constitutes investment advice according to our Disclaimer. While we adhere to strict Editorial Integrity, this post may contain references to products from our partners.
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