Binance, the world’s largest crypto exchange, could soon face one of its biggest regulatory challenges in Europe. Reports suggest its application is facing a potential rejection of its MiCA license application in Greece.
If approval doesn’t arrive in time, Binance could lose legal access to a market of nearly 450 million people across all 27 EU member states.
The issue centers around the European Union’s new Markets in Crypto-Assets (MiCA) rules, which become fully effective on July 1. Under MiCA, crypto firms need a single approved license to legally operate across all 27 EU member states.
Binance chose Greece as its European base and submitted its application through a Greek subsidiary in January 2026. The company spent the last 18 months working with regulators and building its compliance framework around MiCA requirements.
Meanwhile, some sources suggest that Greece’s Hellenic Capital Market Commission (HCMC) is expected to reject the application.
If that happens, Binance could lose the legal ability to offer services across the EU unless it secures approval elsewhere.
Since Changpeng Zhao stepped down and Richard Teng took over, Binance has spent years attempting to rebuild trust with regulators following investigations and enforcement actions across multiple jurisdictions.
MiCA was widely viewed as Binance’s opportunity to secure a clean regulatory reset in Europe.
Binance says it has spent the last 18 months working closely with regulators and has completed the full licensing process.
Thus, exchange remains confident that it has met all MiCA requirements and qualifies for approval under the EU’s new crypto framework.
The timing could hardly be worse as MiCA’s transition period officially ends on June 30. From July 1, crypto firms operating without authorization risk enforcement actions, blacklisting, and possible legal consequences if they continue serving EU customers.
European regulators have already warned companies to prepare wind-down plans if approval is not secured.
Without a MiCA license, exchanges can face restrictions, enforcement actions, fines, or even be forced to stop offering services in certain markets.
Well, the news has already shocked the investors, with Binance exchange’s native token BNB dropping more than 3%, now trading around $605.
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