Binance faces a potential shutdown of its European Union operations after failing to secure a Markets in Crypto-Assets (MiCA) license in Greece. The MiCA regulation requires crypto firms to obtain authorization from one of the 27 EU member states by June 30, 2026.
Executives maintain that Binance is not leaving Europe and will seek authorization through a different member state. Regulators remain concerned over the company's complex corporate structure and previous penalties for money laundering.
This regulatory setback provides a competitive advantage to Coinbase and Kraken. Both rival exchanges have already secured the necessary MiCA licenses to operate across the bloc.