Binance Set To Lose Permission To Operate In EU

Binance is expected to lose permission to serve EU customers in July after Greek regulators reportedly decided to reject its MiCA license application. Reuters reports: Under new EU rules, called MiCA, crypto firms have until the end of June to obtain a licence to allow them to keep servicing clients across the bloc. Binance's application, made to Greece's market regulator, is set to be turned down, the people said. European regulators have been attempting to rein in crypto exchanges, which allow people to trade cryptocurrencies such as bitcoin around the globe. Under MiCA, crypto companies have to apply for licenses from regulators in individual EU countries, which they can use as a "passport" to operate throughout the 27-nation bloc. At stake is oversight of the multi-trillion-dollar crypto industry, which regulators have long warned could destabilize markets and harm investors if not properly supervised. The Greek rejection would mean Binance will not be given the green light to operate in the EU, leaving the fate of Binance's customers based in the bloc uncertain. Binance posted on X after the Reuters report was published that it intends to "support an orderly process and minimise disruption to our users", without giving further details. A spokesperson for Binance, which has 300 million customers worldwide, earlier said it has been pursuing a MiCA licenze and had worked with regulators for 18 months. Binance believes it has met the requirements to be MiCA authorized, the spokesperson said. It understood that Greece's Hellenic Capital Market Commission had completed its review of the application and it was considered compliant. "HCMC has given no formal indication of the contrary," the spokesperson told Reuters.

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