Binance Faces MiCA Setback in Greece, Leaving France as Last EU Foothold

Binance is struggling to secure a license under the European Union’s Markets in Crypto-Assets regulation, or MiCA, in Greece, raising the possibility that France could become its last effective base in Europe.

The Big Whale, a French crypto news outlet, reported on June 17, citing multiple sources, that the Hellenic Capital Market Commission is reviewing Binance’s MiCA application with a view to rejecting it.

The report said European Central Bank President Christine Lagarde conveyed opposition to Binance’s entry into the EU market during discussions with the Greek government. Industry participants have raised the possibility that the stance influenced the Greek authorities’ review.

As the chances of approval in Greece dim, France is emerging as Binance’s last realistic option in the bloc. Under the MiCA framework, a license granted in one member state allows a company to offer services across the EU, making approval in a key country critical to expansion.

Binance, however, maintains that its application meets regulatory requirements. The company said it submitted a comprehensive MiCA application to the Hellenic Capital Market Commission and believes it satisfied the relevant standards during the review process. It also said the filing is scheduled for additional review by the European Securities and Markets Authority.

The EU’s MiCA transition period ends on July 1. After that, crypto exchanges and wallet service providers that fail to secure licenses will, in principle, face restrictions on offering services to EU users.