- Binance applies for MiCA crypto license in Greece for EU operations.
- Greece emerges as Binance’s base for European crypto market expansion.
- MiCA license approval would streamline Binance’s services across EU nations.
Binance has officially applied for a European Union-wide crypto license in Greece, marking a significant step in its European expansion. The world’s largest crypto exchange is seeking authorization under the EU’s Markets in Crypto-Assets (MiCA) framework. According to reports from Greek City Times, Binance’s application is being fast-tracked with the support of major accounting firms like Ernst & Young and KPMG, which are involved in reviewing the filing.
If approved by the Hellenic Capital Market Commission, the MiCA license would allow Binance to operate across all 27 EU member states. This would be made possible through MiCA’s passporting system, which enables a single license to provide services throughout the EU.
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Greece’s Unexpected Role in Binance’s EU Expansion
Binance’s decision to file in Greece comes as a surprise to many in the industry. Athens is not generally seen as a financial hub for cryptocurrency, with countries like Malta being more recognized for their crypto-friendly regulations. However, Binance’s choice of Greece reflects its ongoing efforts to solidify its position in Europe despite facing regulatory hurdles in other countries.
MiCA, which took effect in 2023, aims to provide a unified regulatory framework for the crypto industry across the EU. The regulation focuses on improving governance, consumer protection, and compliance, imposing stricter requirements on crypto firms. With a deadline of June 30 to secure licenses, companies operating within the EU must comply or risk discontinuing services in specific countries.
Streamlining Operations Across Europe with MiCA Approval
For Binance, securing the MiCA license is essential for streamlining its European operations. The exchange has faced regulatory challenges in several EU nations, including withdrawing license applications in Germany and Austria, exiting the Netherlands, and temporarily halting operations in Belgium. The MiCA framework offers Binance the opportunity to replace these individual national approvals with one single authorization for the entire EU.
With over 20 million users across the region, Binance’s filing for a MiCA license in Greece underscores its commitment to regulatory compliance as it seeks to strengthen its European footprint. Approval would allow Binance to continue offering its crypto services without facing the regulatory roadblocks that have previously impacted its operations.
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