Key Highlights
- In order to comply with upcoming EU regulations, Binance has applied for a pan-European MiCA license in Greece.
- The exchange has created Binary Greece, a holding company that will act as its long-term base in the EU.
- If Binance receives approval, it would be able to offer its crypto services across all EU member states under the MiCA rules.
The world’s largest cryptocurrency exchange Binance has applied for a pan-European crypto license under the EU’s Markets in Crypto-Assets (MiCA) rules via the Hellenic Capital Market Commission (HCMC) in Athens.
The application was first reported by the English-language Greek news site D News, which noted that Greece’s financial regulator, the HCMC had launched a fast-track review process.
The MiCA framework, introduced in 2023, standardizes crypto rules across EU countries and requires firms to obtain approval before July 1, 2026. Without a license, exchanges risk losing the ability to operate in multiple European markets.
To support its review, the HCMC has invited major international audit and advisory firms, including Ernst & Young, KPMG, Deloitte, PwC, and Grant Thornton. Binance later confirmed it had submitted the application in Athens and is in active discussions with the regulator.
Greece is an unexpected choice, as Athens is not traditionally seen as a major financial hub nor particularly crypto-friendly compared with countries like Malta or Luxembourg. Yet Binance’s move appears to be part of a long-term strategy.
Binance has established a holding company in the country named Binary Greece, a public limited company of indefinite duration. Company filings show the holding company will manage investments in Greece and abroad and provide advice on capital and investments.
Approval in Greece would give Binance a formal European base and the ability to operate across the EU. Gillian Majella Lynch, who joined Binance in 2025 as Head of Europe and the U.K., has been appointed Managing Director of Binary Greece.
Lynch has also gained leadership experience with organizations like Gemini Europe, the Bank of Ireland, and fintech company Leveris, signifying the company’s commitment to having a structured presence in Europe.
Why this matters for Binance and Europe
The MiCA framework allows licensed companies to offer services across all EU member states through a “passport” mechanism, though firms must still comply with national consumer protection and other laws.
Greece has not yet issued any MiCA licenses, while Germany, the Netherlands, and France have already granted approvals to several firms.
Binance currently operates in at least six European countries under various national licenses and has offices in France, where it has faced regulatory scrutiny. In October, the exchange confirmed it had been inspected on-site by JUNALOC, the Paris division of the French Public Prosecutor’s Office, highlighting ongoing oversight challenges.
The application comes amid increasing pressure from European regulators. French authorities recently warned that Binance is among dozens of firms still operating without MiCA approval.
Ahead of the EU deadline, the exchange has restricted certain services for European users, including copy trading and unregulated stablecoin products, while keeping spot trading, deposits, and withdrawals operational.
The establishment of Binary Greece is Binance’s first physical presence on the market, signifying a long-term approach to its business, especially amidst EU crypto regulations.
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