Binance EU Operations Hang in Balance as Greece Rejects License Bid

Binance, the world's largest crypto exchange, is facing a major setback in Europe. According to sources, the company's license application will be rejected by Greece's market regulator, the Hellenic Capital Market Commission (HCMC), paving the way for Binance to lose permission to operate in the EU.

The rejection comes as European regulators attempt to rein in crypto exchanges under new rules called MiCA. Crypto companies have until the end of June to obtain a license from individual EU countries, which can be used as a 'passport' to operate throughout the 27-nation bloc.

Binance has been pursuing a MiCA license for 18 months and believes it has met the requirements to be authorized. However, the company's application is set to be turned down by HCMC, leaving the fate of Binance's customers in the EU uncertain.