Binance’s MiCA application in Greece has come under fresh scrutiny after Reuters cited two sources saying the Hellenic Capital Market Commission was preparing to reject the filing. If that happens, Binance could lose its ability to legally serve the European Union once the July 1 transition deadline passes. Binance pushed back quickly, saying the information in circulation does not match its understanding of the review.
One license can open access to all 27 EU states
Under the EU’s Markets in Crypto-Assets regulation, a platform that secures approval in one member state can use passporting rights to operate across all 27 EU countries. A failed application would have much broader consequences. According to the report, Binance would need to halt services for EU users if Greece formally declines to issue the license, or face enforcement action, heavy fines, and possible blacklisting by regulators.
The stakes are high because Europe is described as a core market for the exchange. The report said Binance has around 300 million users globally. Any disruption to its compliance path in the region would raise immediate questions about continuity of service for customers based in the EU.
Binance says regulators found the filing compliant
In its response, Binance said it had worked closely with Greek regulators for the past 18 months and submitted a comprehensive application package. The exchange added that, to its knowledge, the Hellenic Capital Market Commission had already completed its substantive review and concluded that the application met MiCA requirements. Binance also said the relevant documentation had been reviewed at the level of the European Securities and Markets Authority, or ESMA.
The company maintained that the Greek regulator had been expected to move the authorization process forward at an upcoming board meeting, and said no formal contrary view had been communicated. The Hellenic Capital Market Commission declined to comment on the case, citing confidentiality rules.
Application filed in January
The report said Binance formally submitted its MiCA application through its Greek subsidiary in January. Co-CEO Richard Teng publicly backed that move in February, describing Greece as an attractive base for European expansion because of its workforce and security environment.
For now, the public claims remain unresolved. Reuters’ sourcing and Binance’s statement point in opposite directions, and a formal regulatory decision is still pending. Binance said it would support an orderly process and try to reduce the impact on users if any regulatory change occurs.