Binance, the world's largest cryptocurrency exchange, said Wednesday it's committed to serving European customers, but the path to legally doing so remains unclear.
Binance said Wednesday it had "decided to withdraw its MiCA license application in Greece and pursue authorisation in another EU Member State." Co-CEO Richard Teng attempted to address the confusion about Binance securing the necessary EU permissions.
"We understand regulatory uncertainty can be frustrating," Teng said in a post on X. "We remain committed to securing a MiCA license in the coming months, while providing clarity, minimizing disruption, and keeping users informed directly."
Binance's most pressing problem in the ongoing EU licensing challenge is that it has only one week to secure a license. If it fails to secure one, the exchange would be required to cease operations in the region.
On Wednesday, before Binance's official update on its Greek application, the company's Head of Europe and the United Kingdom Gillian Lynch said the exchange was not leaving Europe. Lynch also said if the application in Greece didn't pan out, Binance would pursue alternatives.
