Cryptocurrency exchange Binance is set to lose its bid to continue offering its services to clients in the European Union (EU). This comes as Greece plans to reject the exchange’s application for a Crypto Asset Markets License (MiCA).
Binance loses application for MiCA license
According to A Reuters reportthe cryptocurrency exchange could lose its permission to provide services to EU clients within weeks as Greece is about to reject its application for a MiCA licence, citing two people familiar with the matter. This represents a setback for the exchange, as under new EU rules, cryptocurrency companies have until the end of this month to obtain a license allowing them to operate in the region.
Binance has applied for a MiCA license In Greece in January this year, submitting the application to the Hellenic Capital Market Commission (HCMC). The exchange has reportedly established a local holding company in Athens, which may also have prompted the decision to apply for the license via Greece.
A Greek newspaper also reported at the time that Greece was urgently processing the request. However, based on the Reuters report, the HCMC is likely to reject this request, meaning that the exchange will not be able to operate in the EU from the beginning of July.
the Binance coin price It fell amidst this development. The token is currently trading at around $606, down about 2% today from an intraday high of $617, according to TradingView data.
Comments of the stock exchange representative on the Greece application
A Binance spokesperson told Reuters that they have worked constructively with regulators over the past 18 months, including through a comprehensive application process with HCMC in Greece. the Top crypto exchange It believes it has met the requirements for a MiCA licence, according to a spokesperson.
The spokesperson also stated that the exchange understands that HCMC has completed its review of the application and that the regulator has deemed it compliant with MiCA requirements. Amid the impending decision from the Greek regulatory body, the exchange continues to record great success.
Binance has captured a 60% share of the market for SpaceX perpetual products. It comes as Elon Musk’s company continues to see massive demand since its initial public offering last week, and is now the fourth-largest company by market capitalization, overtaking Microsoft and Amazon in the process. SpaceX boasts a market cap of about $3 trillion.
