Binance Abandons Greek License Bid Amid EU Regulatory Pressures

Crypto exchange Binance has withdrawn its application for a license in Greece after Reuters reported that the regulator was prepared to deny the platform. This move comes as part of Binance's broader strategy to redirect resources to obtain authorization in another European jurisdiction.

The European Union's Markets in Crypto-Assets (MiCA) regulation, which went into effect this year, has introduced a 'passporting' mechanism allowing companies to operate across all 27 EU countries. However, analysts estimate that up to 75% of the 3,000 crypto companies operating in the region may close or leave due to an inability to meet traditional European banking standards.

Binance's decision to withdraw its application is seen as a strategic move to avoid potential losses and market share erosion in favor of Coinbase and Kraken, which have already secured licenses. This development threatens forced account closures and the blocking of euro fiat gateways by European banks for ordinary users.