[Update 14:47 UTC, June 24: Updates with comments from Binance beginning in first paragraph.]
Crypto exchange Binance is withdrawing its MiCA application with Greece’s Hellenic Capital Market Commission (HCMC) and intends to pursue authorization in another member state just days before the deadline for EU licensing.
“When we are ready to announce that Member State, we will do so publicly,” the company said in a statement on Wednesday.
Earlier, Gillian Lynch, Binance’s head of Europe and the United Kingdom, told Reuters that the exchange is “not leaving Europe” and would pursue authorization in another EU jurisdiction if its application in Greece does not move forward.
Lynch said Binance contacted other regulators but submitted a formal application only in Greece. The exchange reportedly held talks with Ireland, Latvia and Greece but encountered resistance over its past money-laundering penalties, international structure and what officials viewed as a risk-taking culture.
The move comes days before the Markets in Crypto-Assets Regulation (MiCA) transitional period ends on July 1, a key deadline for crypto firms seeking to operate across the EU. The European Securities and Markets Authority (ESMA) said on Tuesday that crypto service providers that remain unauthorized by the deadline must take “immediate” steps to wind down their EU activities.
On June 16, Binance pushed back against an earlier Reuters report that EU regulators were preparing to reject its MiCA application, saying Greece’s Hellenic Capital Market Commission had reviewed the application and considered it compliant, subject to further review by ESMA. The exchange said at the time that it expected the process to advance toward authorization.
EU customers could see changes
In its statement, Binance said it plans to take the necessary steps before July 1 to remain “compliant with applicable requirements.”
“This means some users may be impacted, and we will communicate directly with affected users to provide clear information on next steps,” the representative said. “All user funds remain safe and secure. Our priority is to minimize disruption, provide clarity to users, and continue building a trusted and compliant digital asset ecosystem globally.”
The representative did not provide additional details.
MiCA deadline puts Binance’s European reach at risk
On Monday, CryptoQuant analyst Maartunn told Cointelegraph that euro-denominated pairs account for about 1% of Binance’s global spot trading volume, suggesting that a European licensing setback may have a limited effect on the business.
Source: CryptoQuant
However, Binance remains a significant trading venue for European users, handling between about $100 million and $250 million in daily euro-pair volume in 2026, with occasional spikes of about $600 million.
Binance held an estimated 18.5% share of euro-denominated spot trading during the year, placing it second behind Kraken’s 43.3% share, according to CryptoQuant’s data.
Exchanges emerge as MiCA compliance gatekeepers
Binance’s licensing difficulties could also affect token issuers, as authorized exchanges increasingly prepare and notify MiCA white papers for assets they list.
In a LinkedIn post, Ryan King, creator of the EU Crypto Register, said at least 380 of 867 white-paper entries he tracked were notified by third parties rather than token issuers. He said Kraken, LCX, OKX and Bitstamp accounted for 271 notifications, or about 31% of the total.
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King told Cointelegraph that the model was “symbiotic” because exchanges employ MiCA-trained compliance teams, maintain regulator relationships and retain large law firms. He added that exchanges increasingly request white papers during onboarding and may offer to prepare them, even for tokens covered by transitional arrangements.
“They also use standard templates,” King told Cointelegraph, recalling that one exchange told a token project to “fill it in and we’ll handle the rest.”
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