TheBlock
Binance founder Changpeng Zhao said the exchange's Markets in Crypto-Assets (MiCA) application in Greece was fully compliant and within weeks of approval by at least one EU regulator before political forces intervened, forcing the exchange to withdraw the bid last week.
Why it matters
MiCA, the EU's unified crypto licensing regime, was designed to give compliant venues a single passport to serve all 27 member states. A Binance approval in any one jurisdiction would have given the world's largest crypto exchange a clean entry into the bloc's largest economy by retail crypto adoption. Greece had emerged as Binance's preferred European foothold after it wound down derivatives products across the bloc to align with MiCA's rules.
Market impact
The withdrawal leaves Binance serving the EU through a patchwork of national registrations rather than the unified MiCA license it had targeted, a structural disadvantage against rivals such as Coinbase, Kraken and Circle that have secured MiCA approvals. Zhao's political framing also signals that regulatory access for non-EU crypto majors will continue to depend as much on bilateral relationships with host governments as on technical compliance, a read that complicates the expansion math for other large venues still eyeing the bloc.
Separately, Zhao said he has tried multiple times to understand Strategy's STRC preferred stock product and still cannot fully grasp it, describing the structure as "over-engineered."
Frequently asked questions
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What is Binance's MiCA status in the EU?
Binance withdrew its MiCA application in Greece last week after CZ said political forces intervened, despite the application being fully compliant and weeks from approval. The exchange now serves the EU through a patchwork of national registrations rather than a unified license.
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Why did Binance target Greece for its MiCA application?
Greece had emerged as Binance's preferred European foothold after the exchange wound down derivatives products across the bloc to align with MiCA's rules. Approval in any single EU jurisdiction would have given Binance a passport to serve all 27 member states.
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Which crypto exchanges have MiCA approval?
Coinbase, Kraken and Circle are among the venues that have secured MiCA licenses, giving them a unified passport to serve EU retail and institutional clients across all 27 member states without needing separate national authorizations.
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What did CZ say caused the MiCA withdrawal?
Zhao said political forces intervened against the application, even though he described it as fully compliant and close to approval by at least one EU regulator. He did not name the specific political actors involved.
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What did CZ say about Strategy's STRC preferred stock?
Zhao said he has tried multiple times to understand Strategy's STRC preferred stock product and still cannot fully grasp it, describing the structure as over-engineered.
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