Binance applies for MiCA license in Greece as EU deadlines loom

Binance, the world’s largest cryptocurrency exchange, has formally applied for a license in Greece under the forthcoming Markets in Crypto-Assets Regulation (MiCA) framework. This strategic move, lodged with the Hellenic Capital Market Commission (HCMC), signifies the industry’s accelerating pivot towards regulatory compliance as the European Union’s strict deadlines for the landmark crypto legislation approach.

The MiCA framework, designed to create a standardized regulatory environment across the 27 EU member states, is set to provide clear operating rules for crypto asset service providers (CASPs). Achieving MiCA authorization is crucial, as it grants ‘passporting’ rights, allowing a crypto firm licensed in one EU nation to offer services across the entire bloc.

Binance’s application comes amid intense pressure for existing Virtual Asset Service Providers (VASPs) to transition their national registrations into full MiCA licenses. While the legislation’s transition periods extend into early 2025, firms are actively securing authorizations now to ensure continuity of service. Failure to obtain MiCA compliance by the designated deadline will result in firms being prohibited from legally serving EU clients.

Greece is viewed as a vital entry point for securing MiCA status, complementing Binance’s existing national registrations in other key jurisdictions like France, Italy, and Spain. This application underscores the exchange’s commitment to navigating the EU regulatory landscape and maintaining its dominant market position within a fully regulated European financial ecosystem.

Source: Binance applies for MiCA license in Greece as EU deadlines loom