Binance, the world's largest crypto exchange, is facing the risk of losing the ability to serve EU customers after its application for a Greek MiCA license seems likely to be denied, Reuters reported on June 16, 2026.
Two sources familiar with the matter told Reuters that Greece’s Hellenic Capital Market Commission (HCMC) is set to deny the application. If confirmed, this decision will prevent Binance from operating across all 27 EU countries after the MiCA transition period ends on July 1, 2026.
Major regulatory setback for Binance
Under the EU's Markets in Crypto-Assets (MiCA) framework, one license grants rights for seamless operations across member states.
Without approval, unlicensed platforms must halt services to avoid enforcement actions, fines, or blacklisting from national regulators.
Binance submitted its application in January 2026 through a Greek subsidiary, citing the country's skilled workforce and security benefits.
Co-CEO Richard Teng highlighted these strengths in February, expressing confidence in meeting the deadline.
"Greece's workforce and security profile gave the country advantages over larger financial centers... The license is quite standard across Europe, so we need to consider many other factors, whether it's social, talent base, security, and safety. We believe Greece will be a good starting point for us to expand in Europe."
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Binance strikes back.
A spokesperson for Binance reportedly told Reuters that the exchange "has been constructively cooperating with regulators over the past 18 months" and believes they have met all MiCA requirements.
The company stated that HCMC has completed its review and found the application compliant, adding that "HCMC has not formally indicated anything else."
HCMC declined to comment, citing confidentiality rules.
Europe represents a crucial market for Binance. The looming ban comes alongside increased regulatory scrutiny aimed at global crypto platforms.
Competitors with approved MiCA licenses, like Coinbase and Kraken, may attract users looking to trade on regulated platforms.
The BNB token and the broader crypto market may experience short-term volatility as traders digest the news.
No formal rejection has been announced yet.
Binance continues its dialogue with regulators, and EU users should keep an eye on platform updates regarding deposits, trading, and withdrawals after July 1.
An official HCMC decision or a potential Binance appeal could still change the outcome in the coming days.
Binance has not immediately responded to BeInCrypto's request for comment.