Binance, the world’s largest cryptocurrency exchange, announced that it has applied for a crucial MiCA license (Minimum Operating License) through Greece, which is essential for operating throughout the European Union.
Binance has initiated the application process in Greece by establishing a local holding company to comply with the new framework implemented under the EU’s Crypto Asset Markets (MiCA) regulation. The process is reportedly being accelerated ahead of the compliance deadline of July 1st.
According to local media reports, major auditing and consulting firms such as Ernst & Young and KPMG are also involved in reviewing the application. If approved by the Greek Capital Markets Commission, Binance will be able to offer and market crypto services in all 27 EU member states with a single license thanks to MiCA’s “passporting” mechanism.
This move, which has been interpreted as a surprise from the industry, is noteworthy because Binance chose Greece. Athens is not usually seen as a prominent financial center when compared to crypto-friendly hubs like Malta.
Nevertheless, with the entry into force of MiCA in 2023, the aim is to harmonize regulations across the EU, providing companies with permission to operate through a single license, but also introducing stricter requirements regarding governance, consumer protection, and compliance.
Binance’s application is seen as part of an effort to restructure its European operations. The exchange had previously withdrawn its license applications in Germany and Austria, ceased operations in the Netherlands after failing to obtain approval, and temporarily suspended services in Belgium. It had also been under close scrutiny by regulatory authorities in France.
Currently operating in at least six European countries and boasting over 20 million users in the region, Binance aims to secure a lasting and strong position in the EU market with its MiCA license, opting for a single authorization instead of scattered national licenses.
*This is not investment advice.
