Sources: Greece likely to deny Binance’s EU MiCA license

Sources familiar with the matter say the Hellenic Capital Market Commission (HCMC) is expected to refuse Binance’s application for a Markets in Crypto Assets (MiCA) license before the June 30 authorization deadline. A refusal would prevent Binance from passporting its services across the EU and could require the exchange to stop serving EU residents if it cannot obtain approval from another member state.

Binance established a holding company in Greece in December and filed its formal MiCA application through the HCMC in January. A MiCA authorization issued by an EU regulator allows a firm to offer services in other member states, including France, Spain and Germany.

A Binance spokesperson said the company believes it is operating in compliance with applicable EU rules and has engaged with regulators during the application process. The exchange posted on X that ‘Our priority is to minimize disruption and keep users informed.’ In a blog post, Binance said Europe remains central to its long-term plans and that it is ready to operate under a harmonized MiCA regime.

National regulators have been assessing applications ahead of the June 30 deadline. French authorities reported in January that about 90 crypto firms were operating without MiCA compliance and that roughly 30% had applied for authorization. French regulators have suggested restricting cross-border passporting in some situations and raising oversight to the European Securities and Markets Authority if needed.

If the HCMC formally refuses the application, Binance would have to alter or suspend EU-facing services unless it secures approval from another EU regulator. Sources say the HCMC’s final decision is expected before the end of June.

The potential refusal coincides with Binance expanding services in other markets. The exchange recently made more than 7,000 U.S. stocks and ETFs available to international customers and said it plans to let users convert shares into blockchain-based tokens.