Binance Withdraws MiCA Application in Greece Ahead July 1 Deadline

Crypto exchange Binance has announced its decision to withdraw its application for a MiCA license in Greece. This comes ahead of the July 1 deadline, which the firm has to secure a license, although it plans to secure the license through another member state.

Binance Pulls MiCA License Application In Greece

In an X post, the crypto exchange said that it has decided to withdraw its MiCA license application in Greece and pursue authorization in another EU member state. The exchange signaled that it hasn’t decided on the member state and will announce its decision publicly once it does.

“We made this decision after careful consideration of the current status and timeline of the Greek process, with our users’ interests at the center,” Binance said. The exchange also remarked that Europe remains an important market for them and that their commitment to operating under a “clear, fair, and harmonized MiCA framework” is unchanged.

“Our ambitions in Europe remain the same, and we are confident we will secure a license in the coming months,” the exchange added. As CoinGape reported, Binance has already vowed to remain in the EU market despite the setback in Greece.

The exchange’s Head of Europe and the United Kingdom, Gillian Lynch, dismissed rumors of the exchange leaving Europe. She had also revealed that they would look at other alternatives if they could not secure the license in Greece.

Plans Ahead July 1 Deadline

Binance said that it will take necessary steps before July 1 to remain compliant with applicable requirements. It is worth noting that the top crypto exchange may have to exit the EU market after the July 1 deadline, following the failure to secure a MiCA license.

“This means some users may be impacted, and we will communicate directly with affected users to provide clear information on next steps,” the exchange said. Commenting on this development, Binance CEO Richard Teng said that they remain committed to securing a MiCA license in the coming months. He also assured users that their funds remain safe and secure.

The Binance coin is down almost 2% amid this development, trading at around $567, according to TradingView. BNB is down over 6% in the last week. The broader crypto market is also notably down, with Bitcoin falling below the psychological $61,000 level.