Euro Trading Only 1% of Binance Spot Volume
Euro trades account for about 1% of Binance’s global spot volume, while Greek regulators are reportedly preparing to reject the exchange’s MiCA license before the July 1 deadline.
CryptoQuant data shows euro-denominated trading represents roughly 1% of Binance’s global spot volume, and Greek authorities are reportedly preparing to refuse the exchange’s application for authorization under the Markets in Crypto-Assets Regulation (MiCA) ahead of the July 1 transitional deadline.
CryptoQuant analyst Maartunn noted that euro trades are a small slice of Binance’s activity and that the exchange’s inflows are spread across regions. Daily volumes for EUR trading pairs in 2026 have generally fallen between about $100 million and $250 million, with occasional spikes above $600 million.
MiCA creates a passporting system that allows authorized crypto-asset service providers to operate across all 27 EU member states. Firms that do not receive authorization face restricted access to EU customers or must restructure operations to comply with the new rules. If Greece formally refuses Binance’s application and other national regulators take similar steps, the exchange could face limits on onboarding or serving EU residents unless it secures authorization elsewhere or adjusts its structure.
A December 2024 market report found that Binance, together with three other major exchanges, accounted for more than 85% of euro-denominated crypto trading volume. Those three competitors have obtained MiCA authorization and can offer services across the bloc under the passporting regime; Binance’s authorization status remains unresolved.
Market analyst Merlijn Geurds used European regulator data to estimate that about 210 firms out of more than 1,200 operating under pre-MiCA registration regimes have obtained full authorization. Geurds said the compliance requirements-covering governance, compliance controls and operational safeguards-have limited the number of firms that secured licenses. He added, “A smaller group of well-capitalized, licensed players gets a passport to all 27 states, while a long tail faces forced migrations or cutoffs.”
Requests for comment to Binance received no immediate response. Regulators across the EU continue to process MiCA applications ahead of July 1, and market participants are adjusting operations to comply with the new framework or to seek alternative licensing arrangements.
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