The world's largest cryptocurrency exchange Binance may lose the ability to serve clients in European Union countries as early as July 2026. According to sources familiar with the situation, the company's application for a license under the new European MiCA regulations may be rejected by the Greek regulator. This is reported by Reuters.
Why Binance may lose access to the EU market
Starting July 1, new regulations for the cryptocurrency market, known as MiCA (Markets in Crypto-Assets), will come into full effect in the European Union.
According to these regulations, cryptocurrency companies must obtain a special license in one of the EU countries. After that, it allows them to provide services to clients across the entire bloc based on the so-called 'European passport'.
According to Reuters, Binance's application submitted to the Greek Capital Market Commission may face denial. If this happens, the company will not be able to legally continue working with clients in the EU after the transition period ends.
What Binance says
Binance stated that over the past 18 months, they have been actively cooperating with regulators and are confident in meeting MiCA requirements.
Representatives of the exchange also emphasized that they had not received any official notifications regarding a possible denial of the license issuance.
Following the publication of Reuters' materials, the company announced that it would work towards an 'orderly process' and attempt to minimize inconveniences for its users.
At the same time, Binance promised to provide additional clarifications by June 30.
What this means for the exchange's clients
A potential license denial creates uncertainty for millions of Binance users in EU countries.
Currently, it is unclear how the company will be able to continue serving European clients without the regulator's approval.
MiCA is considered the most significant reform of the cryptocurrency market in Europe. The new regulations aim to strengthen industry oversight, enhance investor protection, and ensure transparency in the operations of crypto companies.
Binance is the largest cryptocurrency exchange in the world, claiming over 300 million users in various countries.
It is worth noting that Binance has started advising its users to use the Ukrainian cryptocurrency wallet Trustee Plus.