Binance to halt crypto services across EU countries after failing to secure MiCA approval
Binance, the world's largest crypto exchange, is pulling out of multiple EU markets after failing to secure a licence under the bloc's MiCA crypto-asset rules. The company withdrew its Greek licence application ahead of a 30 June deadline. The move highlights the impact of the EU's tighter regulatory regime on the industry.
Binance, the world's largest cryptocurrency exchange, is withdrawing from several EU markets after saying it failed to obtain the approval required under the European Union's MiCA crypto-asset regulation. The company is reported to have withdrawn its licence application in Greece ahead of a 30 June deadline.
MiCA introduces common rules for crypto-asset service providers across the EU and requires exchanges to be licensed in a member state to operate. Platforms that cannot secure approval face difficulty serving users in the bloc.
Binance's decision is seen as a concrete example of the EU's tightening oversight of the industry. Regulators aim to strengthen investor protection and financial stability, while crypto firms face compliance costs. How users in the EU adjust to the affected services will be watched in the period ahead.
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