Binance is staring down a potential rejection of its MiCA license in Greece, a blow that would cut off its access to the entire European Union market. Two sources told Reuters that Greece's Hellenic Capital Market Commission is poised to deny the application, filed through a Greek entity meant to serve as Binance's EU regulatory base. Without approval by June 30, the world's largest exchange would have to halt services across all 27 member states or face enforcement actions including fines and restrictions in key markets like France, Germany, and Italy.
What the sources say
The HCMC has not issued a formal rejection yet, but the sources indicated a denial is likely imminent. Binance pushed back, saying in a statement that it has received no official notice and still believes its application meets MiCA standards. The regulator declined to comment, citing confidentiality rules.
Binance co-CEO Richard Teng had earlier expressed confidence the firm would clear the MiCA hurdle before the deadline. That optimism now looks shaky.
What happens next
The clock is ticking. By June 30, Binance needs a license from a national regulator to get passporting rights across the EU. If Greece says no, the exchange would have to pull out of the bloc or risk fines and restrictions in some of its biggest markets. The timing isn't great — Binance has already faced regulatory pressure in the U.S. and the UK in recent years.
Competitors already licensed
While Binance scrambles, rivals Coinbase and Kraken have already secured MiCA licenses. If Binance exits the EU, those exchanges stand to pick up market share quickly. The MiCA framework itself introduces a unified rulebook covering consumer protection, capital requirements, and governance — the kind of clarity crypto firms have long asked for, but only if they can get approved.
For now, all eyes are on the HCMC and whether Binance can turn this around before the deadline. The exchange says it hasn't heard anything official. That silence might not last much longer.
