Binance could lose permission to serve European Union (EU) clients from July as its application for a licence under the EU’s Markets in Crypto-Assets (MiCA) framework is on the verge of rejection, Reuters reported.
Under MiCA, crypto firms must secure authorisation in an EU member state by the end of June to continue servicing customers across the bloc
A licence granted in one country can be used as a “passport” to operate across the EU’s 27 member states. Binance submitted its application through Greece’s Hellenic Capital Market Commission (HCMC). The regulator is expected to turn down the filing,the news agency reported, citing two people familiar with the matter.
The reported development comes as European authorities step up oversight of crypto exchanges, which allow customers to trade digital assets including bitcoin. If the Greek application is rejected, Binance would not receive the authorisation needed to operate across the EU under MiCA. That could affect how the exchange continues to serve EU-based customers when current permissions expire.