- Binance has withdrawn its MiCA license application in Greece and will seek approval in a different EU member state.
- The exchange made the decision ahead of the July 1 regulatory deadline after its application was reportedly facing rejection.
- While user funds are secure, Binance stated that some EU users may be impacted and will be contacted directly.
Binance announced on Wednesday that it has formally withdrawn its Markets in Crypto Assets (MiCA) license application in Greece, as the leading crypto exchange seeks compliance with European Union regulations. This move comes one week after a Reuters report indicated the application would be rejected by the Hellenic Capital Market Commission.
Consequently, the firm will now pursue authorization in another, yet-to-be-named EU member state. The decision was made to move forward in a way that best serves its users before the critical July 1 deadline.
However, the near-term operational status of Binance within the EU remains uncertain for now. The exchange stated it is contacting all EU users to explain if any action is required.
Meanwhile, the company emphasized that all user funds remain safe and secure. It also reiterated its long-term commitment to the European market despite this regulatory setback.
“Binance remains committed to Europe,” the exchange affirmed. The firm’s ambition to operate under the harmonized MiCA framework is unchanged, according to its announcement.
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