Binance officially announced on June 25 that it has withdrawn its MiCA license application submitted to the Hellenic Capital Market Commission (HCMC) and will seek authorization in another undisclosed EU member state. Binance stated that all user funds are safe and secure, but some users' withdrawal operations have been affected. The company has begun contacting all EU users individually to explain the situation. The compliance deadline for EU MiCA licenses is July 1.
Reuters Revealed Application Would Be Rejected; Binance Had Submitted MiCA Application to Greece in January
A Binance spokesperson previously told Decrypt that the company submitted its MiCA application to Greece in January 2026, partly due to the country's recent economic growth. Reuters reported a week before the withdrawal that the application would be rejected by the HCMC.
In a statement, Binance said it had cooperated "constructively and in good faith" with the HCMC over the past few months but received no response before the July 1 deadline, so it proceeded "in a manner that benefits users." Binance also emphasized that its long-term commitment to the European market remains unchanged: "Europe is an important region for Binance, and our vision of operating under a clear, fair, and unified MiCA framework remains unchanged."
MiCA License Application Deadline Is July 1; Binance Has Started Contacting All EU Users
Under MiCA regulations, companies providing crypto services in the EU must obtain a license by July 1 or risk ceasing EU operations. Binance stated that once it obtains MiCA authorization in one EU member state, it can use the "passporting mechanism" to transfer compliance to the other 27 member states.
Binance has begun contacting all EU users. Notifications cover: whether action is needed, available options, relevant timelines, and where to get support. The target alternative member state has not been disclosed.
French Regulator Publicly Stated in 2025: Will Prevent Abuse of Passporting Mechanism in Loosely Regulated Member States
The French regulator publicly stated last year that it would ban the "passporting mechanism" and threatened to block companies approved in EU member states with relatively lax regulation from entering the French market. This stance means Binance, when choosing an alternative applicant member state, must consider whether the chosen country will be accepted by major EU markets. Otherwise, even if it obtains authorization from a member state, coverage in some markets will still face obstacles. As of June 25, Binance has not disclosed the target member state for the alternative application.
Frequently Asked Questions
Are EU users' funds safe after Binance withdraws its Greece MiCA application?
In its statement on June 25, 2026, Binance explicitly stated that all user funds are safe and secure. The company also noted that some users' withdrawal operations have been affected and is contacting all EU users individually to explain whether action is needed, available options, and relevant timelines.
How does the MiCA passporting mechanism work, and why does France oppose it?
The MiCA framework allows crypto companies to obtain authorization in any EU member state and then legally operate in the other 26 member states via the "passporting mechanism." However, the French regulator publicly stated last year that it would block companies approved in relatively loosely regulated member states from entering France via this mechanism, specifically limiting the mechanism's scope.
Has Binance confirmed obtaining MiCA authorization before the July 1 deadline?
As of June 25, 2026, Binance stated that it is actively seeking authorization in another undisclosed EU member state but has not disclosed the target country or announced any alternative authorization obtained.
