Background: Binance's Greece MiCA Application Nearly Approved, Withdrawn Due to Political Factors
According to a report by The Block, Binance founder Changpeng Zhao revealed that the exchange's MiCA (Markets in Crypto-Assets) license application submitted in Greece was fully compliant with regulatory requirements and close to approval before being withdrawn. Zhao attributed the disruption to "external political factors." Binance formally withdrew its Greek application last week and stated it will pursue MiCA authorization in other EU member states. In an interview, Zhao noted that multiple EU countries had expressed interest in hosting the license, creating a competitive dynamic, but regulatory progress was ultimately hampered by non-regulatory influences.
Political Dynamics and Regulatory Deadline Pressure
Responding to market rumors linking Binance to high-level EU political figures, Zhao said he has seen no verifiable documents and only encountered unsubstantiated claims online. He also stressed that the EU's MiCA transitional period ends on July 1, after which unlicensed platforms must cease operations, with no extension expected from national regulators. Zhao characterized the outcome as a "lose-lose situation" and cited the regulatory journeys of Japan and Singapore as precedents, emphasizing that compliance often requires prolonged timelines.
Comments on Strategy's Preferred Stock
When asked about Strategy's STRO preferred stock product, Zhao described its structure as "overly complex," admitting he struggled to fully understand its mechanics. However, he refrained from criticizing founder Michael Saylor's credibility, calling him a "staunch Bitcoin supporter." The remarks reflect Zhao's cautious stance toward complex financial derivatives while respecting long-term Bitcoin advocates.