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Binance Pulls Greek MiCA Bid Days Before EU Deadline

coindesk.com@deep_lion3 hours ago·Business & Markets·1 comments

With under a week to go before the July 1 MiCA compliance deadline, Binance withdraws its Greek license application and will seek approval in another EU state instead.

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July 1 is six days away. Under MiCA rules, any crypto firm without a license from at least one EU member state must shut down operations across the entire 27-nation bloc. Binance just torched its Greek application.

The Greek Door Closes

Binance confirmed Wednesday it withdrew its Markets in Crypto-Assets (MiCA) license application with the Hellenic Capital Market Commission. The company will now seek authorization in another EU country instead. Gillian Lynch, head of Europe and the UK, told Reuters: "Binance is not leaving Europe." That claim gets tested fast.

Last week, Binance claimed the HCMC had reviewed the application and considered it compliant, even after reports that Greek regulators planned to reject. But concerns from regulators in Greece, Ireland, and Latvia - who jointly tracked the bid - centered on Binance's past legal troubles and corporate structure. Those issues didn't go away.

The July 1 Hammer

MiCA isn't optional. By July 1, every crypto exchange serving EU customers must hold a license in at least one member state or begin winding down. Unlicensed firms face forced shutdowns for millions of regional users. Binance has no Plan B publicly named yet - just a promise to find another home base "in the coming months."

Binance says user funds are safe and will communicate directly with affected European users before the compliance deadline. But the clock is ticking, and no alternative jurisdiction has been identified. The company's ability to serve the EU market past July 1 hangs on whatever regulator steps up next.

What Comes Next

Binance's withdrawal in Greece doesn't kill its European ambitions - it just moves the fight to another capital. Which country will take the regulatory heat? The company didn't say. But the same concerns that tanked the Greek bid - legal history, corporate opacity - will follow them to the next door they knock on. If no EU regulator signs off by July 1, Binance's European business hits a hard stop.

Source: Binance withdraws Greek MiCA bid but vows to remain in Europe
Domain: coindesk.com

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