Greek Regulator Could Block Binance Under New EU Rules

Cryptocurrency exchange Binance faces the prospect of losing access to the European Union market after Reuters reported that Greece's financial regulator may reject the company's licence application under the EU's new Markets in Crypto-Assets (MiCA) framework.

Under MiCA, crypto companies must obtain regulatory authorisation to offer services across the bloc.

If the report is confirmed, Binance could lose the legal basis to serve EU customers from early July. The company, however, says it has complied with all regulatory requirements and maintains that its application meets the necessary standards. Binance has also pledged to minimize any disruption for users.

The MiCA framework represents the most significant overhaul of cryptocurrency regulation in Europe to date. The rules are designed to increase transparency, strengthen consumer protection and establish a common regulatory framework across EU member states.

(Reuters, mja)