Binance Prepares for Possible EU Service Halt as Greek MiCA Approval Remains Uncertain

Binance is preparing for the possibility that it may have to suspend services in the European Union as a July deadline to secure authorization under the bloc’s Markets in Crypto-Assets regulation, or MiCA, draws closer and approval from Greece’s financial regulator remains pending.

Bloomberg reported on June 16 that Binance is making contingency plans for a scenario in which it must stop serving customers in the EU. The exchange applied for a MiCA license with Greece’s financial authorities last year, but has yet to win approval.

Under the MiCA framework, crypto-asset service providers must be authorized in at least one EU member state to continue operating across the bloc. If Binance fails to obtain a license by July, it may have to wind down its business in the region.

Eleanor Hughes, Binance’s chief legal officer, told Bloomberg that the company had not received any “official notice” that its application had been rejected by the Hellenic Capital Market Commission.

Regardless of the outcome, Binance said it would seek to limit harm to users. “Our priority is to minimize any disruption and unfair harm that may arise for users, and to ensure that users are treated fairly,” Hughes said.

Bloomberg reported that Binance could notify EU customers as soon as June 16 about the possibility of a regional service suspension.

Binance has previously said it believes it has met the requirements for MiCA authorization in the EU. The Greek decision is seen as a key factor in determining whether the exchange can continue its European operations.