Binance has pulled its application for EU-wide crypto licensing through Greece, warning customers in several European countries of potential service disruptions ahead of a July 1 MiCA compliance deadline.
Binance, the world's largest cryptocurrency exchange by volume, has withdrawn its application for an EU-wide license through Greek regulators, warning that some European customers will face service disruptions as a July 1 compliance deadline approaches.
The company told CNBC in a statement that it plans to pursue authorization through another EU member state and will "take the necessary steps before 1 July to remain compliant with applicable requirements." Binance added that it is confident it can secure a license "in the coming months," though it acknowledged that some users may be impacted in the interim.
The July 1 deadline stems from the EU's Markets in Crypto-Assets Regulation, known as MiCA, which requires all crypto asset businesses operating in the bloc to hold an approved license or face regulatory penalties.
Binance's application in Greece failed last week, according to a Financial Times report. The exchange now intends to apply in France, but any approval there is not expected before the deadline passes.
Customers in Poland, Italy, Spain, and France — countries where Binance currently holds local licenses — have received emails this week instructing them on how to withdraw funds from the platform, the Financial Times reported.
Rivals moved quickly to position themselves as alternatives. Eric Demuth, founder of European exchange Bitpanda, posted on X: "While others optimized for speed, we optimized for trust....You can like Europe's regulatory approach or not, but the reality is that the EU values regulation and consumer protection. As a European company, we understood that from day one and built accordingly...If you've never tried Bitpanda, now is a good time." Star Xu, founder of OKX, also posted on X about his company's "trustworthy crypto and fintech services."
The regulatory setback is the latest in a series of legal and compliance difficulties for Binance. The exchange has been banned in the United Kingdom since 2021. In 2023, it pleaded guilty to criminal charges tied to money laundering and violations of international financial sanctions, resulting in more than $4.3 billion in penalties paid to U.S. authorities.
Binance founder Changpeng Zhao was sentenced to prison in 2024 for money laundering violations. He was subsequently pardoned by President Donald Trump in 2025.
French authorities opened a judicial investigation into Binance last year, alleging the company likely assisted in money laundering. Binance denied those allegations.
Founded in 2017, Binance has long operated in a fragmented regulatory environment across jurisdictions. The MiCA framework, designed to impose uniform licensing rules across all 27 EU member states, has forced crypto businesses to consolidate their compliance strategies — a process that has proven more difficult for Binance than for some European-native competitors.
How quickly Binance can secure a replacement MiCA license, and which member state will grant it, will determine the scale and duration of disruptions for its European customer base.
Jay Goldberg is a staff writer at TechEchelon covering technology, markets, and policy. He files the breaking news and deal coverage that move the publication's core desks.
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