Greece to Reject Binance MiCA Application, May Block EU Access

Greece’s Hellenic Capital Market Commission is expected to turn down Binance’s application for a Markets in Crypto-Assets (MiCA) licence. If finalized, the decision would remove the exchange’s passporting rights and prevent it from operating across the European Union when the MiCA transitional period ends on July 1, 2026.

Under MiCA, a single national authorisation allows a firm to offer crypto-asset services in all 27 EU member states. Without that national licence, platforms lose the passporting mechanism and may need to stop serving EU customers to avoid enforcement actions, fines or blacklisting by national regulators.

Binance submitted its application in January 2026 through a Greek subsidiary. The company cited Greece’s labour pool and security profile when choosing the country as its European base. Chief Executive Richard Teng in February described Greece as “where we think will be a good base for us to expand in Europe” and said the labour force and safety factors gave it an edge over larger financial centres.

A Binance spokesperson stated the firm “has worked constructively with regulators over the past 18 months” and that it believes the application met MiCA requirements, adding that the Hellenic Capital Market Commission completed its review and “has given no formal indication of the contrary.” The HCMC declined to comment, citing confidentiality rules.

Licensed exchanges such as Coinbase and Kraken have secured MiCA approvals. Market participants indicated the possible rejection could prompt short-term volatility in Binance’s native BNB token and in broader crypto markets as traders adjust positions.

Binance can appeal any formal denial and continues to engage with regulators. EU users should monitor announcements about deposits, trading and withdrawals ahead of the July 1 deadline. Analysts have advised investors to review exposure and consider licensed platforms if uninterrupted access is a priority.

MiCA sets common rules for crypto-asset services across the EU, covering transparency, consumer protection and market integrity. The transitional period allowed existing platforms time to apply through a national regulator; failure to secure approval removes the passporting route that enables firms to operate across member states from a single base.