Binance, the world’s largest crypto-mining company, officially withdrew its application for a MiCA regulatory license in Greece on 24 June. The decision was made against a background of reports that the Greek Capital Market Commission was preparing to reject the company’s documents. The exchange now intends to apply for authorization in another European Union country, although it has not yet revealed a specific jurisdiction.

In an official statement, Binance representatives stressed that Europe remained a priority market for them, and development plans in the region had not changed. The company expressed confidence in obtaining the necessary clearance in the coming months. It is worth noting that as early as 16 June, the agency Reuters reported, with reference to insiders, a forthcoming refusal by the Greek regulator, which was then called inaccurate information in Binance.

Obtaining a MiCA license in any of the EU’s member states gives crypto companies access to all 27 bloc states through a passporting mechanism. While Binance’s main competitors, Coinbase and Kraken, have already passed the process successfully, many other market participants have faced challenges. Analysts estimate that only a fraction of the roughly 3,000 sites previously operating in Europe have been approved, and up to 75% of exchanges may be forced to close or exit from the European market.