Binance Prepares EU Exit as MiCA License Decision Looms

Binance is preparing to exit the European Union as it awaits a decision on its license application. The crypto exchange applied for a license from Greece's Hellenic Capital Market Commission last year, but has yet to receive formal confirmation of approval or denial.

According to Eleanor Hughes, Binance's chief legal officer, the company is preparing for a possible exit to minimize disruption to EU users. This comes as a result of the Markets in Crypto-Assets (MiCA) regulations, which require crypto-asset service providers to obtain authorization before offering services across the bloc.

Under MiCA, firms that fail to obtain authorization by the applicable deadline must stop regulated services. Binance also operates in France under a pre-MiCA anti-money laundering registration, but this does not automatically convert into a MiCA license.