Binance's bid for a European Union crypto license is headed for rejection by Greece's Hellenic Capital Market Commission (HCMC), according to a Reuters report published this week. The exchange told GFdaily its filing remains compliant with the bloc's regulatory framework, but the reported decision marks a fresh setback for the company's yearslong effort to secure a formal passport into the single market.
What Reuters reported
The wire service, citing unnamed sources familiar with the matter, said the HCMC is set to turn down Binance's application for a license under the EU's Markets in Crypto-Assets (MiCA) regulation. MiCA, which came into full effect earlier this year, requires crypto firms serving EU customers to hold a license from a member-state regulator. Greece's capital markets watchdog has not yet publicly commented on the application's status.
Binance's response
Binance pushed back against the characterization. A company representative said the exchange 'believes its application is fully compliant with MiCA requirements and the HCMC's expectations.' The representative declined to elaborate on what specific issues, if any, the regulator had raised, or whether Binance plans to appeal a formal denial. The company's public stance has consistently emphasized its commitment to operating within legal frameworks.
What the rejection means for Binance's EU plans
Losing the Greek application would not be a terminal blow for Binance in Europe, but it is a serious inconvenience. Without a MiCA license from any EU member state, the exchange would have to rely on less permanent national registrations in a handful of countries — a patchwork approach the company has been trying to move beyond. Other major exchanges, such as Coinbase and Crypto.com, have already secured MiCA licenses in France, Germany, and Malta. Binance's path to a unified European passport now appears less certain.
For now, the next concrete step is unclear. The HCMC has not issued a final written rejection, and Binance has not said whether it will reapply or challenge the decision. What is clear is that the clock is ticking: MiCA's transitional period for existing operators ends in July, and every week lost makes it harder for Binance to offer its full product suite to EU users without a formal license.
