Binance's head of Europe and UK, Gillian Lynch, told Reuters on June 24 that Binance will not exit the European market and is actively seeking alternative authorization routes: "If not Greece, I am looking for other alternatives." Binance has engaged with regulators in Greece, Ireland, and Latvia, all of which have met with resistance; sources said the resistance is mainly due to Binance's past money laundering penalties, complex international structure, and risk-taking culture.
Irish, Latvian, and Greek Regulators Closely Coordinated on Binance's Application
According to Reuters sources, regulators in Ireland, Latvia, and Greece have closely coordinated to ensure a consistent stance on Binance's application. Greek local media cited sources saying that a group of advisors at the Bank of Greece initially raised concerns, then sought advice from the European Central Bank, which reiterated its consistent position on the cryptocurrency market.
Specific concerns from regulators include: past anti-money laundering penalty records, executive backgrounds, complex global structure, and the influence of founder Changpeng Zhao — who stated in a podcast in February 2026 that he remains Binance's ultimate beneficial owner. Lynch responded that Zhao has "100% withdrawn" from the company, and Binance has hired approximately 1,500 compliance personnel, with no unresolved issues in its application.
Lynch said Binance has contacted four to five regulators but only submitted a formal application to Greece; a Binance spokesperson added that the company has had no contact with the Central Bank of Ireland for years.
ESMA Statement: Unauthorized Firms Must Cease Operations Immediately, MiCA Transition Deadline is July 1
ESMA issued a statement on June 23, 2026, stating that unauthorized crypto asset service providers must "take immediate action to cease their activities in the EU in an orderly manner." Under MiCA regulations, crypto companies must obtain authorization from at least one EU member state by July 1 in order to provide services to clients in all 27 member states via passporting.
Binance says it has over 300 million users globally but declined to disclose the number of EU users; Sensor Tower estimates that the Binance app had over 4 million downloads in the EU last year, with the highest downloads in France, Germany, and Spain.
Binance Paid $4.3 Billion in US Settlement in 2023; Main License Holder is Now UAE
In 2023, Binance founder Changpeng Zhao admitted to violating US anti-money laundering laws, and Binance paid a $4.3 billion settlement; US authorities said Binance violated anti-money laundering and sanctions laws and failed to report over 100,000 suspicious transactions linked to US-designated terrorist organizations. After serving nearly four months in prison, Zhao was pardoned by US President Trump last year.
Binance has faced multiple setbacks in regulatory authorization: it is not authorized in the UK, was ordered to cease operations in Japan for operating without a license, and its main license holder is now the UAE. Binance's general counsel Eleanor Hughes said last week that Binance believes it complies with relevant MiCA requirements.
FAQ
What is Binance's current MiCA authorization strategy for the EU?
Binance's head of Europe and UK, Lynch, said the company will not exit the European market and is seeking alternative authorization routes. It has contacted four to five regulators but only submitted a formal application to Greece; after withdrawing the Greek application, it is evaluating other EU member state options. Under the MiCA passport mechanism, authorization from one member state allows services to clients in all 27 member states.
What are the main concerns of regulators regarding Binance?
Reuters sources outlined three main concerns: past compliance record ($4.3 billion US settlement in 2023 for violating anti-money laundering and sanctions laws); company structure (Binance's complex global structure and executive backgrounds); and the continued influence of founder Changpeng Zhao (Zhao stated in a February 2026 podcast that he remains the ultimate beneficial owner). Regulators in the three regions have closely coordinated on Binance's application.
What is Binance's legal status in the EU after the MiCA deadline?
As of June 24, 2026, Binance has not obtained MiCA authorization from any EU member state. ESMA stated on June 23 that unauthorized firms must immediately cease operations in the EU in an orderly manner, with the MiCA transition deadline being July 1; Binance is currently actively seeking an alternative authorized member state, with Lynch saying no target country has been finalized.
