Binance seeks MiCA approval in Greece as EU cut‑off dates approach
Binance has filed for authorization under the European Union’s Markets in Crypto‑Assets Regulation (MiCA) in Greece, moving to secure regulatory footing in the bloc just months before key compliance deadlines take effect. The decision comes shortly after French authorities publicly underlined that Binance, while registered in France, is still not fully licensed under the new EU‑wide crypto regime.
A Binance representative confirmed that the exchange has formally submitted its MiCA application to the Hellenic Capital Market Commission (HCMC), Greece’s primary securities and markets watchdog, and is now in active dialogue with the regulator. According to the spokesperson, the company aims to align its European operations with the evolving rulebook as quickly as possible.
The exchange emphasized that it views MiCA not as a hurdle but as a strategic opportunity. In comments to media, the spokesperson said Binance welcomed the chance to collaborate closely with the HCMC during the rollout of the new framework and expressed the firm’s ambition to support the long‑term expansion of Europe’s digital finance ecosystem.
The timing of Binance’s move is notable. On Jan. 13, France’s Autorité des Marchés Financiers (AMF) reminded the market that Binance was among about 90 crypto firms registered in the country that had not yet obtained full MiCA authorization. The French regulator previously informed those entities, in late 2025, that the national MiCA transition period would end on June 30, after which non‑compliant providers would be forced to halt their activities in France from July.
This means Binance, like many other service providers, is racing against the clock. MiCA is designed to harmonize crypto rules across the EU, replacing the patchwork of national registrations that has defined the previous era. Once the transition window shuts, only companies holding a valid MiCA license will be legally able to offer crypto‑asset services to clients in the European Union.
Binance, launched in 2017, is currently the world’s largest centralized cryptocurrency exchange by trading volume. Data compiled by industry trackers suggests that the platform processes an average of around 11.9 billion dollars in reported daily turnover, underscoring how its regulatory status in major markets like the EU can have broad implications for liquidity and user access.
From Binance’s perspective, MiCA marks a pivotal turning point for the industry. The exchange’s spokesperson described the regulation as an important milestone that delivers clearer rules, greater protections for users, and a more predictable framework for what regulators increasingly call “responsible innovation.” For a sector long criticized for operating in legal gray zones, that clarity is seen as essential for attracting institutional capital and mainstream adoption.
However, while Binance has chosen Greece as its latest regulatory beachhead, the country has yet to officially approve any crypto‑asset service provider (CASP) under MiCA. Public data from the European Securities and Markets Authority (ESMA) shows that, so far, not a single MiCA license has been awarded in Greece, making Binance’s application one of the earliest major tests of the Greek regulator’s approach.
Across the EU, other member states are moving faster. As of Jan. 15, Germany and the Netherlands are leading the pack in CASP authorizations, with 43 and 22 MiCA licenses issued respectively. France’s AMF, which has taken a relatively proactive stance on digital assets, has already granted 11 authorizations under the new framework.
The race to obtain MiCA status is not limited to native crypto players. In Belgium, one of the country’s largest banking institutions, KBC, announced plans to roll out trading services for Bitcoin (BTC) and Ether (ETH) starting in February. The bank said it expected to apply for and obtain a MiCA license in Belgium, even though the Belgian authorities have not yet issued their first authorization under the regime. That move signals how traditional financial institutions are preparing to compete head‑on with crypto exchanges once clear rules are in place.
Why Greece, and what MiCA means for Binance’s EU strategy
Binance’s decision to file in Greece highlights how international crypto firms are carefully choosing their regulatory hubs within the EU. Because MiCA follows a “passporting” logic similar to traditional financial services rules, a license obtained in one member state can, in principle, be used to serve clients across the entire European single market.
For Binance, securing authorization in a jurisdiction perceived as constructive and open to innovation could offer a more manageable supervisory relationship while still granting access to the broader EU. Greece, which has been seeking to position itself as a regional fintech and digital‑asset hub, may be attractive for that reason, even if it has not yet issued any licenses under MiCA.
At the same time, starting from a country with no legacy CASP approvals means Binance and the HCMC will likely be among the first to interpret certain aspects of the new rulebook in practice. This can create both challenges and advantages: more regulatory uncertainty on the one hand, but also the possibility to help shape early supervisory expectations and standards.
How MiCA changes the rules for crypto businesses in Europe
MiCA introduces a comprehensive framework for crypto‑asset service providers, covering areas such as:
– licensing and capital requirements
– governance standards
– consumer protection obligations
– stablecoin issuance and reserve management
– market abuse and transparency rules
Unlike the previous regime of national registrations, which largely focused on basic anti‑money laundering (AML) and know‑your‑customer (KYC) obligations, MiCA sets detailed, pan‑European requirements for how exchanges, custodians, and other CASPs must operate.
For exchanges like Binance, this means tougher expectations around safeguarding client funds, incident reporting, conflicts of interest, and the marketing of complex or high‑risk products. Firms will also have to provide clearer disclosures about the risks of crypto trading and ensure that their internal controls meet standards closer to those in traditional finance.
User impact: what EU traders can expect
For everyday users in the EU, MiCA’s rollout will have several concrete implications:
– More consistent rules across countries. Previously, the user experience and protections could vary greatly between member states. With MiCA, traders should see more standardized disclosures and safeguards regardless of where the exchange is licensed.
– Stronger protection in case of problems. MiCA includes provisions aimed at improving how client assets are held and safeguarded, potentially reducing the risk of loss in cases of fraud, mismanagement, or insolvency.
– Fewer unlicensed platforms. Some smaller or non‑compliant exchanges may decide not to pursue a license, meaning EU users could see a shrinking list of available offshore platforms – but a clearer set of regulated providers.
– Greater involvement of banks and traditional finance. As illustrated by KBC’s plans, MiCA may encourage more banks, brokers, and fintechs to enter the crypto market, giving users more choice among providers that are already familiar to them.
In the short term, the transition could create friction. Certain tokens or services might be restricted or temporarily unavailable while providers adapt their offerings to comply. Over time, however, regulators and industry participants expect this to result in a more stable, predictable European crypto market.
Why some firms are racing the deadline – and others are hesitating
The looming June 30 transition deadline in countries like France is forcing crypto businesses to decide whether to fully commit to the EU under MiCA or shift focus to more permissive regions. Firms that already have significant European user bases, like Binance, appear determined to stay and adapt.
Others may quietly scale back their EU operations rather than invest in the additional compliance infrastructure MiCA demands. The costs of building strong compliance, legal, and risk teams can be substantial, especially for smaller companies or protocols that historically operated in a minimally regulated environment.
This divergence may accelerate consolidation in the European crypto sector, with larger, well‑capitalized platforms gaining market share while niche or under‑resourced players exit or get acquired.
How MiCA is reshaping the global regulatory conversation
MiCA is being closely watched outside Europe as a potential blueprint for other jurisdictions. Its comprehensive coverage of stablecoins, issuers, and service providers stands in contrast to the more fragmented and enforcement‑driven approaches seen in some major markets.
If MiCA is perceived as successful — balancing investor protection with innovation — it could influence regulatory proposals in regions seeking clearer and more unified crypto rules. Large exchanges like Binance, which operate across multiple continents, are thus under pressure to show that they can adapt to MiCA‑style standards without undermining their core business models.
At the same time, firms that achieve MiCA compliance may use that status as a competitive advantage, stressing that their operations meet robust EU requirements even when marketing to users in other parts of the world.
Strategic implications for Binance beyond Europe
For Binance, securing a MiCA license is not just about maintaining access to European users. It is also a reputational test after years of scrutiny and changing regulatory relationships in multiple countries. Demonstrating that it can work constructively with EU supervisors, satisfy stringent requirements, and retain its scale could strengthen its position in ongoing and future regulatory discussions globally.
Success in Greece — or in any EU member state where it ultimately secures authorization — would allow Binance to point to a high‑bar jurisdiction where it is fully licensed, potentially improving trust with both institutional clients and regulators elsewhere.
Yet failure to obtain MiCA approval, or significant delays in the process, could raise questions about the exchange’s long‑term strategy in developed markets, and may encourage users to diversify toward rivals that achieve compliance sooner.
What to watch next
In the coming months, several developments will be critical to understanding how this story evolves:
– whether Greece issues its first MiCA CASP license, and to whom
– how quickly France, Belgium, and other countries close their own transition periods
– which major exchanges and custodians publicly secure authorization, and which withdraw
– how banks and traditional financial institutions expand their crypto offerings under MiCA rules
For now, Binance’s application in Greece signals that the world’s largest crypto exchange intends to remain a central player in Europe’s regulated digital‑asset market. As the regulatory clock ticks down, both industry participants and users will be watching closely to see which firms successfully cross the MiCA threshold — and how that reshapes the competitive landscape across the European Union.