Binance, the world’s largest cryptocurrency exchange, just lost its bid to operate legally across the European Union. Greece’s Hellenic Capital Market Commission signaled it would reject the exchange’s application for a Markets in Crypto-Assets (MiCA) license, citing concerns about Binance’s financial-crime violations and compliance history.
Rather than wait for the formal rejection, Binance withdrew its application around June 24. The exchange has announced it will suspend services to EU users effective July 1, just days before MiCA’s transition deadline forces all crypto platforms in the bloc to either comply or exit.
How it unraveled
Binance filed its MiCA license application through Greece back in January 2026. The plan was to make the country its EU hub, with company leadership citing the benefits of Greece’s labor market and security profile.
Then, by June 16, the HCMC indicated it planned to reject the application outright. The regulator’s concerns centered on anti-money laundering controls, Binance’s broader compliance track record, and the past criminal record of CEO Changpeng Zhao. CZ pleaded guilty to violating US anti-money laundering laws in 2023 and served a four-month prison sentence.
