TL;DR
- Binance applied for a MiCA license in Greece to secure EU-wide regulatory approval.
- Greece was chosen for its accelerated review process ahead of the July 1 compliance deadline.
- Approval would allow the exchange to operate across all 27 EU member states.
Binance has taken a decisive step toward regulatory alignment in Europe by submitting an application for a crypto license under the MiCA framework and selecting Greece as the jurisdiction of record.
The exchange also established a local holding company, signaling an intent to anchor operations within the European Union as the July 1 compliance deadline approaches. Without authorization, crypto platforms face service restrictions or forced exits across several member states.
The application sits with the Hellenic Capital Market Commission, the authority responsible for reviewing MiCA submissions in Greece. Local reporting indicates the file moves through an accelerated review process, supported by major accounting firms such as Ernst & Young and KPMG. External review aims to ensure alignment with MiCA standards covering governance, internal controls, custody practices, and consumer safeguards.
MiCA, which entered into force in 2023, establishes a single licensing route for crypto firms seeking access to all 27 EU member states. Once approved in one jurisdiction, a company can operate and market services across the bloc through passporting rights. In exchange, firms must meet stricter requirements on transparency, capital buffers, risk management, and client asset protection.
Binance’s choice of Greece has raised eyebrows within the industry. Athens does not rank among Europe’s traditional financial hubs, nor does it carry the reputation of jurisdictions previously associated with crypto-friendly policies.
Still, Greece offers a regulator willing to process complex applications within tight timelines and apply MiCA rules as written. For Binance, timing appears to outweigh optics, as securing approval before the transition window closes remains the central objective.
The filing reflects years of regulatory friction across Europe
Binance withdrew license requests in Germany and Austria, exited the Netherlands after failing to obtain approval, and paused services in Belgium before resuming operations through a compliant EU entity. In France, financial authorities conducted onsite inspections, adding further scrutiny to the exchange’s regional presence.
A single authorization would allow Binance to consolidate compliance, reduce duplicated oversight, and streamline operations across borders. According to company disclosures, Binance operates in at least six European countries and serves more than 20 million users in the region. A unified license supports continuity while reducing legal uncertainty.
The deadline adds urgency. Firms with pre-existing EU activity must secure authorization by the end of June. After that point, regulators can restrict services or impose shutdowns in individual markets. In that environment, the Greek application functions as a cornerstone of Binance’s European reorganization.
Approval is not guaranteed. Regulators will examine capital adequacy, custody arrangements, conflict controls, and governance structure. Still, the act of filing confirms a clear shift toward formal compliance under EU law. For competitors, the move underscores MiCA’s reach. For policymakers, it tests whether the framework can absorb the largest global exchanges without dilution.
