Binance, the world’s largest cryptocurrency exchange, will likely lose its authorization to provide services to customers in the European Union in the coming weeks, Reuters has found.
Under a European Union regulation known as MiCA (short for Markets in Crypto-Assets), cryptocurrency firms have until the end of June to obtain a license that will allow them to continue operating within EU member states.
Binance’s application—submitted to the Hellenic Capital Market Commission—is expected to be rejected, Reuters has learned from sources.
Without a license, the cryptocurrency exchange will not be able to continue operating in the European Union from the beginning of July.