Greece MiCA License Application: Approaching Approval, Derailed by Political Factors
Binance founder Changpeng Zhao (CZ) revealed the inside story behind Binance's withdrawal of its MiCA license application in Greece during an interview with The Block. According to CZ, the application had fully complied with regulatory requirements and was close to receiving approval before being halted due to "external political factors." He noted that multiple EU member states had expressed interest in hosting the license, even engaging in what he described as "competitive bidding," but the process was ultimately derailed by non-regulatory influences, forcing the withdrawal. Binance formally withdrew the Greek application last week and said it would pursue MiCA authorization through other EU member states.
EU Regulatory Transition Period and "Lose-Lose" Assessment
Regarding market rumors linking him to high-level EU politicians, CZ stated he had seen no verifiable documents and only encountered unsubstantiated claims online, which he could not confirm. He highlighted that the EU MiCA transition period will end on July 1, after which unlicensed platforms must cease operations. National regulators have made clear they will not extend the deadline. CZ characterized the outcome as a "lose-lose situation" and drew parallels with Japan and Singapore's regulatory journeys, emphasizing that compliance processes often require longer cycles.
CZ on STRC Preferred Stock: Overly Complex Structure
When discussing Strategy's (formerly MicroStrategy) STRC preferred stock product, CZ described it as "too complex" and admitted difficulty in fully understanding its mechanism. However, he refrained from questioning founder Michael Saylor's credibility, calling him a "staunch Bitcoin supporter." The comment reflects the crypto industry's cautious stance toward novel financial product structures.