Overview
- Binance formally withdrew its Markets in Crypto‑Assets application in Greece on Wednesday, June 24 and said it will apply for authorization in another EU member state.
- The European Securities and Markets Authority has told unlicensed crypto firms to prepare orderly wind‑downs after July 1 if they lack a national MiCA licence, creating a tight deadline for Binance to secure approval.
- Regulators reviewing the Greek filing flagged concerns about Binance’s past anti‑money‑laundering penalties, its complex international corporate structure, senior executive influence, and its risk culture.
- Binance says all European customer funds remain safe, that it will contact affected users with next steps before the deadline, and that it has expanded compliance staff to about 1,500 people.
- Market effects could be concentrated even if trading impact is limited because euro pairs are roughly 1% of Binance’s global spot volume and rival exchanges that already hold MiCA licences can passport services across the EU and absorb migrating users.