Cryptocurrency platform Binance She reportedly has no plans to leave Europe after recent licensing issues.
The world’s largest cryptocurrency trading space will now make a new effort to gain permission to do business in the European Union, a senior executive told Reuters in a statement. interview Released Wednesday (June 24).
“Binance is not leaving Europe,” Gillian Lynch, head of Europe and the UK, said after Binance’s failure. Obtain a license In Greece this would have allowed it to offer services such as cryptocurrency trading.
“We may have a different path to getting a license,” Lynch added. “If it’s not Greece, I’m looking for other alternatives.”
The Reuters report suggests that these comments could put Binance on a collision course with European regulators. The company has a week to obtain a license before its permit to do business in Europe expires, meaning the closure of its EU operations.
Binance has held discussions with regulators in Greece, Ireland and Latvia but has faced resistance everywhere, two sources familiar with the company’s efforts told Reuters.
These sources said that regulators were concerned about the company Past penalties The report added that these people were involved in money laundering, its complex international structure, and what they considered a culture of risk.
Lynch told Reuters that Binance did not know why it was denied approval and had previously believed the Greek regulator was planning to grant a licence.
He was asked about Binance’s past Legal and regulatory issuesLynch said Binance has invested in compliance and internal controls — which includes a compliance staff of about 1,500 people — and has had no outstanding issues associated with its implementation.
Under EU Markets for Cryptoassets (MiCA) rules, crypto companies that do not have a license by the end of June will not be allowed to continue operating in the bloc.
As covered here earlier this month, this may impact… Thousands of crypto companies. A mid-June report by CryptoSlate stated that there were 194 cryptocurrency companies licensed under MiCA as of May, but 3,000 cryptocurrency companies were registered across the EU.
PYMNTS explored MiCA’s impact on the digital asset landscape in a report released last week, noting that for most of cryptocurrency history, it was complexity that presented a barrier to adoption.
“If MiCA is successful, consumers and businesses will benefit He wouldn’t necessarily care Whether the payment travels via the card network, banking rail or blockchain. They will care that it is fast, inexpensive, secure and protected. “The long-term consequence may be that blockchain technology itself becomes less visible,” this report said.
