In short
- Binance said on Wednesday that it has revoked its Markets in Crypto Assets (MiCA) license in Greece.
- Instead, crypto exchanges will require the approval of a license through other countries, which have not yet been declared a member of the EU.
- Some users may be affected by withdrawals, but Binance said all funds are safe and secure.
Leading crypto exchange Binance has officially revoked its Markets in Crypto Assets (MiCA) license in Greece as it seeks to comply with EU crypto regulations, the company announced on Wednesday.
The company’s announcement comes just over a week after a Reuters report he indicated that his work would be rejected and the Greek Finance regulator, HCMC.
“Binance has decided to withdraw its MiCA license from the Hellenic Capital Market Commission (HCMC) in Greece and pursue a license in other EU Member States,” the company said. he wrote on Wednesday.
“For many months, Binance worked diligently and in good faith with HCMC,” he added, noting that because no solution was given before the July 1 deadline, it was “moving forward” in a way that benefited its users.
Companies hoping to offer crypto services within the European Union must have MiCA’s license by the July 1 deadline, or they could be forced to stop operating in the region.
Binance’s immediate future in the region is unclear, but it told users on Wednesday that their funds are safe and secure—although some users may be affected by the withdrawal.
“We are in the process of contacting all our EU users,” the company said. “This communication will explain if action is needed, what you can do, when it’s appropriate, (and) where you can go for help.”
Binance filed its application in Greece in January, choosing that country perhaps due to recent economic growtha spokesman said Decrypt at that time.
Even so, the company says it is committed to Europe for the long term, although it appears to be backtracking on the move.
“While we removed our operations from Greece, Binance remains committed to Europe,” he told the exchange. “Europe is a very important region for Binance, and our desire to operate in a transparent, fair, and cooperative manner for MiCA has not changed.”
Once approved in an EU country, the company can “export” – or transfer its compliance – to the other 27 member states. Last year, however, the French directors talked about banning the “passport,” threatening to ban some companies that have received legal approval in the EU countries.
A Binance representative did not immediately respond Decrypt’s ask for feedback.
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