Just-In: Binance Declares It’s Not Leaving EU Despite MiCA License Failure
Highlights
- Binance had refused to give up on the EU market.
- Officials say that the exchange will look at other ways to get EU's MiCA license.
- Earlier, last week, Greece had rejected the company's licensing application.
Binance has reiterated its commitment to the EU market even after not getting authorized under the European Union’s Markets in Crypto-Assets (MiCA) framework. Officials affiliated with the exchange hint at taking a better approach to bag the critical EU license.
Binance Decides To Stay In EU Amid Growing Scrutiny
Binance’s Head of Europe and the United Kingdom Gillian Lynch dismissed rumors of the exchange leaving Europe after its licensing process had hit obstacles.
“Binance is not leaving Europe,” Lynch said. Moreover, she noted that they are still working to get regulatory clearance in other means. “We may just have a different pathway to being authorized,” she added.
Moreover, Lynch revealed plans of looking at other jurisdictions as it did not receive approval in Greece. “If it is not Greece, I’m looking at other alternatives,” she said.
The comments are come at a crucial juncture for Binance, as the current authorization agreement in Europe is set to expire soon. Hence, the company must obtain a MiCA license before that and is now facing a time crunch. If the license isn’t approved by then, it may have to limit services provided to users throughout the bloc.
The Exchange Looks To Tap Other Regulatory Jurisdictions
Binance has had an ongoing dialogue with regulators from a number of jurisdictions in Europe, per Reuters report. These include regulatory bodies in Ireland, Latvia and Greece.
However, the negotiations were reportedly not positive because of the exchange’s past reports of non-compliance with regulations, its organizational framework and risk management.
Lynch said Binance had made contact with several regulators in the region but it had actually filed just one application, in Greece. She also noted that the company is optimistic about its prospects in the Greek licensing process.
Turning to the regulatory issues associated with Binance’s past, Lynch spotlighted the investments that the exchange has made to ensure it complies with regulations. She noted that the platform has made an important contribution to the strengthening of internal control. Further, it now has about 1,500 compliance staff around the world.
Also, the company has confirmed that there are no outstanding issues related to its European application for a licence. Now, Binance is still working on other licence applications to operate within the EU’s new crypto regulation regime. On the other hand, Ripple has already bagged preliminary MiCA license in Luxembourg.
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