Binance faces potential expulsion from the European Union after failing to secure a cryptocurrency operating license in Greece, with less than a week remaining before the critical June 30 deadline under the Markets in Crypto-Assets regulation. The world’s largest crypto exchange must obtain MiCA approval from at least one EU member state to continue serving customers across the entire bloc. Gillian Lynch, Binance’s Europe and UK head, insists the company is exploring alternative pathways and will not exit the region, though discussions with Irish, Latvian, and Greek regulators have reportedly met resistance. Binance submitted only one formal application in Greece. Regulatory concerns center on the exchange’s compliance history, corporate governance, and the lingering influence of founder Changpeng Zhao, who pleaded guilty to U.S. anti-money laundering violations in a $4.3 billion settlement. Lynch maintains Zhao is completely removed from operations and that Binance now employs 1,500 compliance staff.
FXnCO Insight
EU-based crypto traders should prepare contingency plans for potential Binance service disruptions and consider transferring assets to MiCA-compliant platforms before month-end.
Source: Finance Magnates