Despite Binance’s regulatory woes across the European Union (EU), the world’s largest exchange insists it’s “not leaving” the continent.
In a statement on the 24th of June, Binance CEO Richard Teng said that the exchange will secure a MiCA license in the “coming months.”
This, after exchange announced that it withdrew its MiCA license application in Greece and would seek alternative approval in other EU member states.
To our European users: we understand regulatory uncertainty can be frustrating. We remain committed to securing a MiCA licence in the coming months, while providing clarity, minimising disruption, and keeping users informed directly.
Binance’s triple EU rejection
Worth noting, however, that reports indicate that the exchange attempts for approval in three EU countries were rejected.
Binance has only one week to meet the MiCA’s July 1st deadline or wind down EU operations. Now that the exchange expects approval in months, it shows the likely headwinds it has run into to achieve the MiCA license – The EU’s strict regulatory framework for crypto firms.
According to a Reuters report, Binance had held talks with regulators in Latvia, Ireland, and Greece. However, the report added that the exchange “faced resistance” from all three countries.
The report added that Binance’s past money-laundering penalties and complex international structure were viewed as risks and as the basis for the rejection.
However, Gillian Lynch, Binance’s Head of Europe and the UK, believes they’ll have a different pathway to the MiCA license. According to the exec, “Binance is not leaving Europe.”
A similar position was reinforced by the exchange’s official statement on Wednesday.
Europe remains an important market for Binance. Our commitment to operating under a clear, fair, and harmonised MiCA framework is unchanged.
In the meantime, some Binance users in the EU have already received messages from the exchange informing them of winding down its operations by the end of June.
This, after a recent order by the EU’s financial regulator, ESMA, which instructed unlicensed crypto firms to wind down.
For OKX’s CEO Star Xu, Binance’s regulatory arbitrage game is over unless it adopts transparency and accountability.
Real compliance effectiveness comes from governance, transparency, accountability, and a willingness to operate within both the letter and the spirit of regulation—not from headcount alone.
That said, while OKX has a MiCA license, it has seen more capital outflows than Binance over the past week.
Final Summary
- Binance will seek MiCA license approval in the “coming months,” but will wind down EU operations soon.
- Exchange reportedly faced resistance in three EU member countries, further complicating its compliance pathway.