Key facts
- Binance withdrew its MiCA license application in Greece.
- Binance will restrict new EU user onboarding and certain services from July 1.
- Users will retain the ability to withdraw their assets.
- The exchange intends to seek authorization in another EU member state.
- Binance assured users that their funds remain safe.
Binance has withdrawn its application for a Markets in Crypto-Assets (MiCA) license in Greece, a move that will lead to restricted services for EU users starting July 1. The exchange failed to secure authorization from a member state before the regulatory deadline, prompting it to halt new user onboarding and limit certain services. Users will still be able to withdraw their digital assets, according to notices shared by the company. Binance stated it intends to pursue authorization in another EU member state, emphasizing that Europe remains an important market. Some users have raised concerns about the impact on services like staking, though Binance has assured them that balances are safe. Industry views on the impact vary, with some suggesting that non-licensed platforms might continue serving existing users via reverse solicitation, while others believe the concerns are overstated.