Binance applies for EU crypto license in Greece under MiCA framework

The world’s largest cryptocurrency exchange by trading volume, Binance, has initiated the formal process to secure a comprehensive European Union crypto license by filing an application with regulatory bodies in Greece. This strategic move aims to leverage Greece as a primary gateway for its operations across the entire EU bloc under the forthcoming Markets in Crypto Assets (MiCA) regulation.

While MiCA is scheduled to enter into full force in late 2024 and early 2025, proactive licensing efforts are critical for exchanges seeking to establish early compliance and secure ‘passporting’ rights. A successful application in one EU member state under the MiCA framework grants the firm the ability to offer its services legally across all 27 member states without needing separate licenses in each jurisdiction.

Binance’s selection of Greece underscores the country’s increasingly favorable and transparent approach to digital asset regulation. The exchange has been actively consolidating its global regulatory efforts, moving away from localized VASP registrations toward securing overarching financial institution licenses in major markets, ensuring strict adherence to anti-money laundering (AML) and consumer protection standards.

If approved, the Greek license would significantly bolster Binance’s standing in Europe, providing crucial regulatory clarity and stability essential for attracting institutional investors and expanding its mainstream market penetration amidst heightened global scrutiny of the digital asset industry.

Source: Binance applies for EU crypto license in Greece under MiCA framework