Binance Faces Setbacks in EU MiCA License Approval Process
- Binance withdrew its MiCA license application in Greece in mid-June following a last-minute rejection by the Hellenic Capital Market Commission (HCMC).
- Gillian Lynch, Binance’s head of Europe, stated that the exchange had fulfilled all HCMC requirements, claiming their application was complete.
- The European Securities and Markets Authority (ESMA) advised national regulators to reject Binance’s applications due to past compliance issues.
- Changpeng “CZ” Zhao, Binance’s founder, pleaded guilty in the U.S. for violating the Bank Secrecy Act and agreed to pay $4.3 billion in fines.
- Zhao served a four-month prison sentence in California before being pardoned by President Trump in October.
The ongoing challenges faced by Binance regarding its MiCA license reflect broader regulatory scrutiny within the EU crypto market. The HCMC’s refusal to approve the application underscores concerns raised by ESMA about compliance practices.
As Binance navigates these hurdles, it remains focused on becoming MiCA-authorized to provide regulated services across Europe.(Source)
