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FollowingBinance seeks new regulatory foothold
Binance is in talks with regulators in multiple jurisdictions after the exchange failed to obtain authorization under the EU Cryptographic Asset Markets Act (MiCA) framework. Today, it has received an invitation to apply for a new encryption license. Co-CEO Richard Teng confirmed that the negotiations were still in the early stages but declined to say which countries were involved.
The world\'s largest cryptocurrency exchange withdrew its MiCA license application to the Greek Capital Markets Committee (HCMC) on June 24, 2026, days before the EU\'s July 1 regulatory deadline. Deng Weizheng said the decision was made to avoid a short and chaotic transition period for users in Greece due to late approvals.
According to MiCA regulations, a single license allows you to enjoy the right of way and operate seamlessly throughout EU member states. This makes Greece\'s application a risky bet: if successful, Binance could serve customers in all 27 EU countries. But this time the bet did not go well. A week before the withdrawal, Reuters quoted two people familiar with the matter as reporting that HCMC was about to reject the application.
Gillian Lynch, head of Binance Europe, said it did not expect the next license application to take long, noting that the company had previously completed most of the regulatory process with Greek authorities. She revealed that Binance had expected to obtain authorization in early June after being told in April that the application materials were complete, but the board meeting was repeatedly postponed, and the company finally decided to withdraw the application.
The EU\'s road to compliance is highly competitive
This move caused Binance to lose its valid MiCA authorization even when competitors such as Coinbase, Kraken and OKX had all obtained European licenses. According to the provisional register of the European Securities and Markets Authority (ESMA), of the more than 3000 crypto companies operating in Europe, as of the July 1 deadline, only about 210 have obtained full MiCA authorizations.
The Wall Street Journal reported that ESMA privately recommended that national regulators veto Binance\'s MiCA application, fearing that the exchange had problems meeting financial crime compliance standards. Binance disputed this report. Lynch said the report incorrectly described how flagged accounts were identified, reviewed and processed, adding that the exchange had cleared all relevant accounts and reported them to law enforcement. Binance invests more than US$300 million in compliance every year and has more than 1500 compliance employees around the world.
Despite the setbacks, Binance cautiously described the situation as a \"detour\" rather than a \"retreat.\" The exchange has not disclosed which EU jurisdiction it plans to target next, but said it will announce it once the plan is confirmed. The company has repeatedly emphasized that user funds will remain safe and usable normally throughout the transition period.
