The world’s largest cryptocurrency exchange, Binance, is racing to preserve its presence in the European Union after abandoning its attempt to secure a bloc-wide operating license through Greece, forcing the company to pursue authorization in another member state just days before the EU’s landmark crypto regulatory regime takes full effect.

The development comes as the European Union prepares to fully implement the Markets in Crypto-Assets Regulation (MiCA) on July 1, a milestone that is reshaping the region’s digital asset industry by requiring crypto service providers to obtain regulatory authorization or risk enforcement action, operational restrictions, and financial penalties.

Binance confirmed that it had withdrawn its application with Greek authorities and would instead seek authorization elsewhere in the European Union, while insisting it remains committed to meeting regulatory requirements.

In a statement to CNBC, the exchange said: “We will take the necessary steps before 1 July to remain compliant with applicable requirements.”

The company acknowledged that some users would be affected by the transition but sought to reassure customers, saying it would communicate directly with impacted users and remained confident it would obtain a license “in the coming months.”

The timing, however, presents a significant challenge.

According to a Financial Times report, Binance’s Greek application failed last week, and the company now intends to seek approval in France. However, approval there is expected to come well after the July 1 MiCA implementation deadline, potentially leaving the exchange operating under temporary constraints in one of its most important markets.

The licensing setback has already begun affecting customers. Users in Poland, Italy, Spain, and France, where Binance currently operates under local regulatory approvals, reportedly received emails this week explaining how they could withdraw their funds from the exchange, signaling that certain services could be suspended or modified while the company navigates the licensing transition.

The situation exposes the sweeping impact of MiCA, the world’s first comprehensive regulatory framework governing crypto assets across a major economic bloc. Unlike the fragmented licensing regimes that previously existed across Europe, MiCA introduces a single authorization framework allowing licensed firms to “passport” their services across all 27 EU member states. Companies failing to obtain authorization risk losing access to one of the world’s largest digital asset markets.

Binance has spent recent years attempting to rebuild relationships with regulators after a series of legal and compliance failures severely damaged its reputation. Its regulatory troubles culminated in 2023 when it pleaded guilty in the United States to criminal charges related to anti-money laundering failures and violations of international sanctions laws. The settlement resulted in more than $4.3 billion in penalties, one of the largest corporate settlements in U.S. history.

Founder Changpeng Zhao stepped down as CEO after the settlement and was sentenced to prison in 2024 for money laundering violations before receiving a presidential pardon from U.S. President Donald Trump in 2025.

Regulatory scrutiny has continued elsewhere.

French judicial authorities opened an investigation into Binance last year, alleging the exchange may have facilitated money laundering activities. Binance has consistently denied the allegations. The company has also remained barred from conducting regulated activities in the United Kingdom since 2021 after Britain’s financial regulator restricted its operations over compliance concerns.

However, the uncertainty surrounding Binance’s European licensing has created an opportunity for competitors eager to capitalize on the industry’s new regulatory landscape.

Bitpanda founder Eric Demuth used the development to emphasize his company’s long-standing focus on regulatory compliance.

“While others optimized for speed, we optimized for trust….You can like Europe’s regulatory approach or not, but the reality is that the EU values regulation and consumer protection. As a European company, we understood that from day one and built accordingly…If you’ve never tried Bitpanda, now is a good time,” Demuth wrote on X.

OKX founder Star Xu also promoted his platform, highlighting the company’s “trustworthy crypto and fintech services” in a post on X.

The competitive messaging reflects how MiCA is reshaping Europe’s cryptocurrency market, potentially favoring exchanges that invested early in regulatory compliance while creating new hurdles for firms that expanded rapidly under less restrictive oversight.

For institutional investors, banks, and corporate clients, regulatory certainty has become increasingly important as digital assets move further into mainstream finance. Industry analysts say MiCA is expected to accelerate consolidation across the European crypto sector, with larger, well-capitalized firms better positioned to absorb the cost of compliance, while smaller operators may struggle to meet the regulation’s governance, capital, custody, and consumer protection requirements.

The framework is also designed to strengthen investor protection following a series of high-profile failures across the crypto industry, including exchange collapses, fraud cases, and governance scandals that prompted regulators worldwide to tighten oversight.

While Binance maintains it expects to secure a new EU license within months, the immediate challenge will be maintaining customer confidence and business continuity during the transition.

Russian energy giant Gazprom expects its core earnings to grow by 6% to 7% this year as rising domestic gas consumption and expanding pipeline exports to China partially offset the collapse of its once-dominant European business, underscoring the company’s continuing pivot toward Asia following Russia’s conflict with Ukraine.

Speaking at Gazprom’s annual shareholders’ meeting, Deputy Chief Executive Famil Sadygov said the company expects earnings before interest, taxes, depreciation, and amortization (EBITDA) to build on the 2.9 trillion roubles ($37.7 billion) generated in 2025.

The earnings outlook comes as Gazprom continues restructuring its export strategy after losing much of the European market that had been the cornerstone of its business for decades.

Before 2022, Gazprom was Europe’s largest pipeline gas supplier, generating tens of billions of dollars annually from long-term contracts with customers across Germany, Italy, Austria, and several other European countries. However, the Ukraine conflict, Western sanctions, the sabotage of the Nord Stream pipelines, and Europe’s rapid diversification away from Russian energy have dramatically reduced those exports, forcing the Kremlin-controlled producer to seek alternative markets.

Sadygov said Gazprom expects gas deliveries within Russia to increase by 2% to 4% this year as industrial demand, power generation, and government-backed gasification programmes continue expanding.

The domestic market has become an important source of stable sales for Gazprom. Although gas sold inside Russia generates significantly lower margins than exports because prices remain regulated by the government, the market provides dependable volumes that help utilize the company’s vast production and transmission network.

The company’s international growth strategy now centers overwhelmingly on China. Sadygov said Gazprom also expects pipeline exports to China to rise further this year. The company delivered 38.8 billion cubic meters (bcm) of natural gas to China through the Power of Siberia pipeline in 2025, bringing supplies close to the pipeline’s original design capacity.

During President Vladimir Putin’s visit to China in September, Moscow and Beijing agreed to increase annual deliveries by an additional 6 bcm, raising total annual supplies through the route to 44 bcm. The agreement reinforces the increasingly close energy relationship between Russia and China, with Beijing becoming Moscow’s most important export destination as European demand continues to shrink.

However, analysts note that even expanded Chinese purchases remain insufficient to fully replace the scale of Gazprom’s lost European business.

Before the Ukraine conflict, Gazprom regularly exported well above 150 bcm of gas annually to Europe. Even at the newly agreed 44 bcm level, Chinese deliveries represent less than one-third of those former export volumes.

The company’s broader ambitions to significantly expand exports to China have also encountered persistent obstacles. Negotiations over the proposed Power of Siberia 2 pipeline, which would transport gas from western Siberian fields that previously supplied Europe, have progressed slowly amid disagreements over pricing, contract terms, and financing arrangements.

China has reportedly pushed for lower prices similar to those paid by domestic suppliers, while Russia has sought terms closer to those historically received in Europe. Those differences have delayed what Moscow views as its most important long-term gas export project.

The earnings forecast nevertheless suggests Gazprom believes incremental gains in Asia, together with stronger domestic demand, can support moderate financial growth even as Europe remains largely closed to Russian pipeline gas.

The company is also benefiting from continued investments in Russia’s domestic gas infrastructure, where the government has accelerated programmes aimed at expanding pipeline connections to households and industries, helping create additional long-term demand.

For investors, Gazprom’s guidance highlights the gradual stabilization of the company’s finances after several turbulent years. The expected 6% to 7% EBITDA growth indicates management believes the business has entered a new phase in which domestic consumption and Asian exports will increasingly replace the role once played by Europe.

Even so, the transformation remains incomplete.

China has become Gazprom’s fastest-growing export market, but replacing Europe’s volume, pricing power, and profitability remains one of the company’s biggest strategic challenges.