Key facts
- Binance's application for a Markets in Crypto-Assets (MiCA) license in Greece is reportedly set to be rejected.
- The rejection could lead to Binance ceasing services for European Union clients by the end of July.
- Crypto firms must obtain a MiCA license by July 1 to operate in the EU.
- Binance stated it believes it has met MiCA requirements and has been working with regulators for 18 months.
- The Hellenic Capital Market Commission (HCMC) has reportedly completed its review of Binance's application.
Binance, the world's largest cryptocurrency exchange by volume, may be forced to halt services for its European Union clients as early as the end of July. This potential restriction follows reports that its application for a regulatory license in Greece is expected to be rejected.
The EU's Markets in Crypto-Assets (MiCA) framework mandates that crypto firms must obtain a license to continue operating across the bloc, with the transition phase expiring on July 1. According to Reuters, citing two sources familiar with the matter, Binance's application with the Hellenic Capital Market Commission is likely to be denied.