Binance has withdrawn its Markets in Crypto-Assets licence application in Greece and confirmed it will cease services for European Union users from July 1, 2026, after failing to secure authorisation ahead of the regulatory deadline.
The world’s largest crypto exchange by trading volume submitted its formal MiCA application to the Hellenic Capital Market Commission in January 2026 through a newly created subsidiary called Binary Greece.
Reports emerged in mid-June that the Greek regulator was set to reject the application, citing concerns over governance, compliance history, and the continued presence of founder Changpeng Zhao as a major shareholder.
Binance pulled the application before a formal rejection was issued and confirmed it is now seeking authorisation through a different EU member state.
The exchange told users its priority is to “minimise disruption” and committed to providing a further update before June 30.
Under MiCA’s framework, any crypto firm that secures a licence from a single EU member state receives a passporting right to serve clients across all 27 nations.
Without that approval, Binance cannot legally operate in the EU from July 1, with European users facing blocked deposits, trading halts, and forced withdrawals.
Rival exchanges including Kraken, OKX, Crypto.com, and Bitstamp all hold full MiCA authorisation, and are positioned to absorb displaced European users.
Roughly 210 providers hold CASP licences across the EU as of mid-2026, down from more than 1,200 entities that held national registrations before MiCA came into force.
Binance has argued that excluding the largest exchange from the bloc risks thinning liquidity, reducing competition, and shifting trading activity outside Europe.
The exchange employs more than 1,500 compliance staff and says it has made substantial structural reforms since its 2023 US Department of Justice settlement, though regulators across Ireland, Latvia, and Greece have all shown reluctance to act as the bloc’s approving authority.
