Binance Loses EU License Bid Amid Regulator Crackdown

Binance, the world's largest cryptocurrency exchange, is facing a significant setback in its bid to operate within the European Union.

The company will lose its authorization to serve EU customers starting next month due to its license application being set to be rejected by Greek regulators.

This decision comes under new EU rules known as MiCA, which require cryptocurrency firms to obtain a license from individual country regulators that can then be used as a 'passport' to operate across the bloc.

Binance had submitted its application to the Greek market regulator 18 months ago and claimed to have met the requirements for obtaining MiCA authorization.