CoinDesk
Binance's bid for a Markets in Crypto Assets (MiCA) license in Greece is set to be rejected by the Hellenic Capital Market Commission (HCMC), according to a Reuters report citing two people familiar with the situation. The deadline for EU crypto license approval falls at the end of this month, making the stakes existential for Binance's European operations.
The rejection would be a significant blow to the world's largest crypto exchange, which has spent 18 months pursuing MiCA authorization, including setting up a dedicated Greek holding company. Binance pushed back hard on the Reuters report, with a spokesman telling CoinDesk that the HCMC had completed its review and "considered it compliant with MiCA requirements," adding that the application was also reviewed at the European Securities and Markets Authority (ESMA) level. The spokesman further stated that the HCMC had informed ESMA it viewed the application as compliant and intended to progress toward authorization at an upcoming board meeting. The HCMC did not respond to requests for comment.
Why it matters
MiCA is the EU's comprehensive crypto regulatory framework, and any exchange without a license by the end-of-month deadline risks losing access to the entire European market. Binance originally considered Malta as its MiCA jurisdiction before settling on Greece — a choice that now looks precarious. The contradiction between Binance's public compliance claim and the reported regulatory outcome suggests a breakdown in the licensing process that could have broader implications for how non-EU-native exchanges navigate MiCA.
Frequently asked questions
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What happens to Binance's EU customers if the MiCA license is rejected?
Without an approved MiCA license by the end-of-month deadline, Binance would risk losing the legal right to serve customers across the entire European Union, potentially forcing a suspension of services or a rapid pivot to an alternative EU jurisdiction.
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Why does Binance's statement contradict the reported HCMC rejection?
Binance claims the HCMC completed its review, found the application MiCA-compliant, and informed ESMA it intended to authorize at an upcoming board meeting — a direct conflict with the Reuters report citing two sources who say a rejection is coming. The HCMC has not publicly clarified its position.
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Why did Binance choose Greece as its MiCA licensing jurisdiction?
Binance selected Greece after speculation it might apply in Malta, where it previously had offices. The exchange established a dedicated Greek holding company in conjunction with the HCMC application, according to Greek media reports from late last year.
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