Binance Withdraws MiCA License Application in Greece, Halts EU Services Ahead of July 1 Deadline

According to Binance Europe head Gillian Lynch, the exchange withdrew its MiCA license application in Greece days before the July 1 enforcement deadline and suspended certain services for EU users, forcing a halt to new registrations. The decision followed repeated postponements of board meetings at the Hellenic Capital Market Commission despite the application being deemed complete in April, with authorization initially expected in early June.

Binance plans to reapply through another EU member state, reportedly France, and expects a faster process given prior regulatory groundwork. Lynch defended the exchange's compliance practices, stating that Binance spends more than $300 million annually on compliance and employs over 1,500 compliance staff globally. The Wall Street Journal reported that the European Securities and Markets Authority privately advised national regulators to disapprove Binance's application over financial crime compliance concerns, which Lynch characterized as "categorically false." The withdrawal highlights broader MiCA impact: approximately 80% of roughly 3,000 registered EU virtual asset service providers may not survive the July 1 deadline, with over 10 million users potentially needing to migrate to licensed platforms.