Binance, the world’s largest cryptocurrency exchange, is on track to lose its ability to serve clients across the European Union from next month after its license application in Greece is expected to be rejected, according to two people familiar with the matter cited by Reuters.
Under the EU’s landmark Markets in Crypto-Assets (MiCA) regulation, crypto firms must obtain a license from a national regulator by the end of June to continue operating across the 27-member bloc. Binance submitted its application to Greece’s Hellenic Capital Market Commission (HCMC), but the review has concluded without approval, the sources said. This would leave the exchange without the “passport” needed to serve EU customers starting in July, legally.
A Binance spokesperson said the company has been working closely with regulators for 18 months and believes it has met all MiCA requirements. The firm understood that the HCMC had completed its review and considered the application compliant.
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“HCMC has given no formal indication of the contrary,” the spokesperson told Reuters.
Binance co-CEO Richard Teng had highlighted Greece’s labor force and security profile as key advantages when choosing it as the company’s European regulatory base in February. The exchange, which serves 300 million customers worldwide, posted on X after the Reuters report that it intends to “support an orderly process and minimize disruption to our users,” without providing further details.
Without a license, Binance would be forced to restrict or exit EU operations, leaving the future of its European customers uncertain.
MiCA represents the EU’s comprehensive effort to bring oversight to the previously lightly regulated crypto industry. The rules require firms to meet strict standards on governance, risk management, consumer protection, and anti-money laundering. The framework was designed to prevent the kind of instability and investor harm seen in past crypto collapses while fostering innovation within a clear legal structure.
The potential rejection of Binance, a dominant player with significant market share, highlights the seriousness with which European regulators are approaching supervision. It also raises questions about how smaller or less compliant platforms will fare as the June deadline approaches.
Binance founder and former CEO Changpeng Zhao (CZ) was pardoned by U.S. President Donald Trump last year after pleading guilty to violating U.S. money-laundering laws. The company has worked to improve compliance globally, but European authorities have maintained a firm stance on full adherence to MiCA standards.
The decision, if finalized, could trigger a significant shift in how Europeans access crypto trading. Many users may migrate to licensed platforms or turn to decentralized alternatives, while others could seek workarounds such as VPNs — though such methods carry their own legal and security risks.
Binance has warned that delays in the MiCA authorization process risk pushing activity outside the EU, potentially undermining the bloc’s goal of creating a unified, regulated crypto market.
Analysts expect the loss of EU access could hurt Binance’s European revenue in the short term but may not be fatal given its global scale. The company has been expanding in other regions and continues to dominate worldwide trading volumes.
The development comes at a time of rapid evolution in crypto markets. With Bitcoin and other assets showing renewed strength, the focus is shifting toward how major exchanges adapt to tightening rules in key jurisdictions. Analysts expect Binance’s situation to encourage other platforms to accelerate their own MiCA applications or explore alternative European bases.
For European consumers and businesses, the rejection could mean reduced choice and potentially higher costs if they move to licensed competitors. It also raises questions about whether the MiCA framework, while aiming for consumer protection, might inadvertently concentrate market power among a smaller group of fully compliant players.
As the June 30 deadline looms, Binance is expected to pursue appeals or alternative arrangements to minimize disruption.