Binance Withdraws MiCA Application in Greece Ahead of July 1 Deadline

Binance, the world’s largest cryptocurrency exchange, has announced it is withdrawing its application for a Markets in Crypto-Assets (MiCA) license in Greece. The decision comes ahead of the July 1 deadline, by which the exchange must secure authorization to continue operating in the European Union.

In a statement posted on X, Binance confirmed it will instead pursue MiCA authorization through another EU member state. The exchange noted that it has not yet chosen which country to approach and will publicly announce its decision once a selection is made.

“We made this decision after careful consideration of the current status and timeline of the Greek process, with our users’ interests at the center,” Binance said. It emphasized that Europe remains a key market and that its commitment to the “clear, fair, and harmonized MiCA framework” is unchanged.

“Our ambitions in Europe remain the same, and we are confident we will secure a license in the coming months,” the exchange added. This follows earlier reports that Binance had vowed to stay in the EU market despite the setback in Greece. The exchange’s Head of Europe and the UK, Gillian Lynch, had previously dismissed rumors of an EU exit, stating the firm would explore alternatives if the Greek application failed.

Ahead of the July 1 deadline, Binance said it will take necessary steps to remain compliant with applicable regulations. However, it cautioned that some users may be impacted and that affected individuals will be contacted directly with clear instructions.

Binance CEO Richard Teng commented on the development, reiterating the company’s commitment to securing a MiCA license in the coming months and assuring users that their funds remain safe.

The news has impacted Binance’s native token, BNB, which fell nearly 2% and is trading around $567. Over the past week, BNB has declined more than 6%. The broader cryptocurrency market is also under pressure, with Bitcoin dropping below the $61,000 psychological level.

Source: https://coingape.com/binance-withdraws-mica-application-in-greece-ahead-july-1-deadline/