Binance's CEO Changpeng 'CZ' Zhao has criticized the European Union for not granting the exchange a Markets in Crypto-Assets (MiCA) license, which would allow it to operate legally throughout the EU.
CZ argued that restricting Binance's operations in Europe would deny millions of users access to the world's deepest cryptocurrency liquidity, forcing them to trade on exchanges with lower liquidity and less competitive pricing.
The decision follows Binance's withdrawal of its Greek MiCA license application after regulators failed to issue approval before the EU's deadline. Under MiCA, crypto exchanges must obtain authorization from one EU member state to passport services across the bloc.
Binance has reassured customers that their digital assets remain secure while it pursues an alternative licensing strategy in another member state. The exchange remains committed to serving European customers legally and intends to obtain the required authorization as soon as possible.