Binance is searching for alternative ways to remain in the European Union after its attempt to secure a licence in Greece failed, putting its regional operations at risk ahead of a key regulatory deadline.
License Race Intensifies
The crypto exchange must obtain approval under the EU’s Markets in Crypto-Assets (MiCA) framework by the end of June to continue serving customers across the bloc. Without a licence from one member state, firms must stop operating.
According to Reuters, Gillian Lynch, Binance’s head of Europe and the UK, said the company remains committed to the region despite the setback. "Binance is not leaving Europe," Lynch said. "We may just have a different pathway to being authorized. If it is not Greece, I'm looking at other alternatives."
EXCLUSIVE: Binance vows to stay in Europe despite licence setback https://t.co/vShsRewaTb https://t.co/vShsRewaTb
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The company has held discussions with regulators in Ireland, Latvia, and Greece. However, sources said authorities in those countries have resisted approving the application. Binance submitted only one formal application, in Greece.
Keep reading: Binance Says It “Remains Fully Committed to Securing MiCA License” as EU Exit Risk Looms
The European Securities and Markets Authority has warned that firms without authorization must wind down operations in an orderly manner, increasing pressure on Binance as the deadline approaches.
Regulatory Scrutiny Remains High
Regulators have raised concerns about Binance’s compliance record, corporate structure, and risk management approach. Officials also examined the background of senior executives and past anti-money laundering controls.
In 2023, founder Changpeng Zhao pleaded guilty to breaching U.S. anti-money laundering laws as part of a $4.3 billion settlement. Authorities said Binance failed to report thousands of suspicious transactions. One source cited Zhao’s continued influence as a concern. Lynch said he is "100% removed" from the company.
She added that Binance has strengthened its compliance systems and now employs about 1,500 compliance staff. The company maintains that it meets MiCA requirements and expected approval in Greece.
Regulators across member states have coordinated their response to ensure consistent enforcement under MiCA. Authorities have warned that weak oversight could expose markets to risks such as illicit finance and investor harm.
MiCA Deadline Approaches Without License Approval
Last week, Binance said it remains fully committed to securing a MiCA licence as the risk of losing access to the European Union grows ahead of the June deadline. The exchange faces a possible rejection of its application in Greece, which would prevent it from offering services across the bloc from July.
Under MiCA rules, crypto firms must obtain approval from a national regulator to “passport” services across all 27 EU countries, or stop operations. Binance said it has worked with regulators for about 18 months and believes it meets the requirements. The company added that it engaged with Greece’s regulator in good faith and expects to support an orderly process if approval does not come through.
It also stated that Europe remains central to its long-term plans and that it will provide an update before the June 30 deadline, while focusing on minimizing disruption for users.
This article was written by Jared Kirui at www.financemagnates.com.
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