Binance remains active in Europe despite setback with licence
Crypto exchange Binance says it does not intend to leave the European market, despite the fact that the company does not have a MiCA licence, Gillian Lynch, head of Europe and the United Kingdom at Binance, in an interview with Reuters.
According to Lynch, Binance is now exploring alternative routes to still obtain permission to remain active in the European Union. The company had applied for a licence in Greece, but that application stalled. Binance says it does not know exactly why the application was not approved.
The situation is urgent because the current transitional arrangement expires on 30 June 2026. Under the European MiCA regulation, crypto companies must hold a licence in at least one EU member state in order to be allowed to offer services throughout the EU. Without a licence, Binance would have to wind down its activities in the EU.
Reuters reports, based on sources, that Binance has also held talks with regulators in Ireland and Latvia, but likewise encountered resistance there. Regulators are said to be concerned about.
The problems facing Binance are certainly also linked to founder Changpeng Zhao (CZ), according to sources. In 2023, Zhao pleaded guilty to violations of US anti-money-laundering legislation as part of a $4.3 billion settlement. Binance, however, says that Zhao has now completely stepped away from the board and day-to-day management.
The case is seen as an important test for the new European crypto rules. European regulators again stressed this week that crypto companies without a MiCA licence must immediately and in an orderly fashion wind down their activities in the EU.
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