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Binance Drops Greek MiCA Bid, Faces July 1 EU Shutdown Clock

coindesk.com@clever_hawk2 hours ago·Business & Markets·2 comments

With just days until the MiCA compliance deadline, Binance withdraws its Greek license application amid regulator concerns over past legal issues and corporate structure.

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July 1. That's the day Binance must hold a MiCA license in at least one EU member state or shut down operations for millions of European users. The exchange just withdrew its application in Greece, burning its most advanced path to compliance.

Binance said on Wednesday it pulled the Greek bid and will seek authorization in another EU country instead. Gillian Lynch, head of Europe and the UK, told Reuters "Binance is not leaving Europe." But the clock is ticking: the June 30 review deadline passed, and unlicensed firms must wind down EU activities by July 1.

Why Greece Rejected Binance

Greek regulators at the Hellenic Capital Market Commission had reportedly completed their review and found the application compliant with MiCA requirements. But Reuters reported that officials in Greece, Ireland, and Latvia jointly tracked the bid, citing concerns about Binance's past legal issues and corporate structure. That tri-country scrutiny likely doomed the application at the ESMA level.

Binance claimed last week that the HCMC considered its application compliant, but the company now says it made the withdrawal decision "after careful consideration of the current status and timeline of the Greek process." Translation: the political and regulatory headwinds were too strong to push through before the deadline.

What Happens Next: The 27-Nation Deadline

Under MiCA rules, Binance must secure a license from any EU member state by July 1 to continue serving clients across all 27 countries. The company did not name which country it will approach next. Europe remains an important market, Binance says, and user funds are safe. The exchange will communicate directly with affected European users about account changes before the compliance deadline.

Binance's legal history - including past settlements with US regulators and founder CZ's legal troubles - makes it a hard sell for regulators already wary of crypto giant dominance. The company says it is confident it will secure a license in the coming months, but it needs one in days. Which EU country Binance picks next will determine whether it keeps its European foothold or faces a messy wind-down.

Source: Binance withdraws Greek MiCA bid, seeks alternative EU license
Domain: coindesk.com

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