Binance Drops Greece Crypto License Bid Amid EU Resistance

Binance has withdrawn its application for a crypto license in Greece and is now seeking authorization in another EU Member State under the MiCA regime. According to Binance's Head of Europe and the United Kingdom Gillian Lynch, the exchange was not leaving Europe.

The MiCA regulations, introduced by the European Union (EU), aim to govern the crypto industry. Binance manages approximately $44 billion in Bitcoin on behalf of customers and serves roughly 300 million users worldwide.

Becoming MiCA compliant has proven more difficult than expected for some exchanges, with an OKX executive estimating that about 80% of crypto exchanges will not survive the new regulations.