Binance CEO Says MiCA Needs Consistent Enforcement to Succeed in EU
Summary
- Richard Teng said consistency and predictability in enforcement matter more than the regulation itself for MiCA to succeed.
- He said Binance's withdrawal of its MiCA license application in Greece was intended to reduce user confusion after a final approval decision was not made before the transition period ended.
- Teng said the fairness, transparency and predictability of the MiCA approval process affect market competition, liquidity and investor confidence, and that Binance will continue its efforts in the European market and to obtain a MiCA license.
Forecast Trend Report by Period
As the European Union's Markets in Crypto-Assets regulation takes full effect, Binance Chief Executive Officer Richard Teng said the key to MiCA's success is not just the rulebook itself, but consistent and predictable enforcement.
In a CoinDesk op-ed published July 4, Teng called MiCA "one of the most important regulatory projects in the history of the digital-asset industry" and said it must work as a properly harmonized single-market framework, not merely as legislation.
He cited Binance's recent withdrawal of its MiCA license application from the Hellenic Capital Market Commission in Greece. After months of discussions with regulators, Binance submitted the application believing it had met MiCA requirements. But because a final decision was not reached before the transition period ended, the company withdrew the filing to reduce confusion for users.
Teng said the MiCA authorization process must be fair, transparent and predictable. Uncertainty in the approval process can affect more than one company, he wrote, with consequences for market competition, liquidity and investor confidence.
Still, Teng said Binance is not abandoning either the European market or MiCA. The company will continue efforts to obtain a MiCA license through the proper process.
Uk Jin
wook9629@bloomingbit.ioH3LLO, World! I am Uk Jin.