Binance’s effort to secure an EU-wide MiCA foothold has hit a serious obstacle. Reuters reported on June 16 that Greece’s financial regulator, the HCMC, rejected the exchange’s application, and multiple sources cited in the report said the refusal is final. That leaves France as the only clear path for Binance to preserve broad access to the European market.
Under MiCA, one approval can unlock operations across 27 EU member states. For Binance, which the source says has more than 300 million users, the Greek rejection is not a narrow licensing problem. It puts its wider European operating structure under pressure.
Claims of politics emerged after the Greek refusal
An investigation by The Big Whale co-founder Grégory Raymond said the HCMC had reviewed Binance’s file and found it complete and compliant with MiCA requirements. The report also said the regulator’s anti-money laundering officer had supported the application during the process. The 40-day review window ended on June 4, according to the same account, with no objections raised at the European level, and passporting notifications had already been filed in anticipation of approval.
Raymond’s reporting said the situation shifted between June 7 and June 15. According to that account, ECB President Christine Lagarde allegedly signaled during a meeting in May with Greek Prime Minister Kyriakos Mitsotakis that the BNB-linked exchange was not welcome in Europe. The message was then said to have moved through the prime minister’s office and the finance ministry before reaching the regulator. The article also pointed to stablecoin liquidity as a possible issue, arguing that Binance is a major channel for stablecoin liquidity in Europe and that cutting access could indirectly strengthen Frankfurt’s digital euro ambitions.
Those claims have not been independently verified. Neither the ECB nor the Greek government has publicly confirmed that version of events. A legal expert cited in the investigation described the alleged episode as political interference in an independent regulatory process and noted that the ECB does not formally control MiCA licensing decisions.
France now sits at the center of Binance’s EU strategy
Talks between Binance and France’s AMF are ongoing, but no formal application has been filed. Binance’s French entity, France SAS, has held a digital asset service provider registration since May 2022, giving it an existing regulatory base in the country.
According to the source material, the French Treasury and financial intelligence unit Tracfin want the platform supervised from Paris. Their reasoning is direct: if the centralized exchange leaves the EU, regulators lose visibility into its financial flows; if it remains inside a French MiCA framework, that oversight stays in place.
Even with that option open, timing is a problem. A full MiCA approval can take months, which means some Binance services in Europe could face restrictions or temporary suspension in the gap between filing and approval.
User funds are not described as being under immediate threat
Binance said it would provide a full update to European users by June 30. Based on the source, the regulatory situation is serious, but it does not indicate an immediate risk to customer funds.
The options listed for affected users include withdrawing assets from the platform at no cost, moving funds to MiCA-licensed exchanges such as Coinbase, Kraken, Bitstamp, or Bitvavo, shifting long-term holdings into self-custody devices like Ledger or Trezor, or simply holding assets in place while the exchange and regulators work through a transition.
BitGo is expanding while rivals chase the opening
As Binance deals with licensing pressure, BitGo Europe has launched a MiCA-ready crypto-as-a-service platform for exchanges and businesses. The offering includes custody, KYC systems, and trading infrastructure. The article notes that the EU MiCA licensing deadline falls on July 1, 2026, and many firms are still trying to meet requirements across the European Economic Area.
BitGo already holds a MiCAR license, placing it in a strong position to serve as regulated infrastructure for companies that want to enter or remain in Europe. With Greece shutting the door on Binance’s original route, platforms that already have MiCA authorization are now competing for any users and business flows that may be displaced.