European Union · Decrypt
Crypto Exchange Binance Will Be Rejected for EU Regulatory License: Reuters
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★ Tier-1 Source
Leading crypto exchange Binance said Tuesday that it believes it is operating in compliance with the European Union’s Markets in Crypto Assets (MiCA) regulatory framework, following a report from Reuters that the firm is likely to lose its ability to offer services to EU residents.
Key facts
- In January, regulators in France indicated that around 90 crypto firms were operating in the region without MiCA compliance, though about 30% had applied for the license at that time
- Last year, the nation’s regulators threatened to disallow the “passporting,” or transference of compliance allowed by MiCA licenses throughout EU nations, as it sought to push the oversight upwards
- Citing two, that Greece’s markets regulator is expected to deny Binance’s application ahead of the June 30 license deadline
- Leading crypto exchange Binance said Tuesday that it believes it is operating in compliance with the European Union’s Markets in Crypto Assets (MiCA) regulatory framework, following a report
Summary
A report from Reuters cites sources saying that the firm's MiCA application will be denied in the European Union. Binance said Tuesday that it believes it is operating in compliance with applicable laws in the EU. If the firm does not gain approval, it would need to cease operations in the EU. Citing two, that Greece’s markets regulator is expected to deny Binance’s application ahead of the June 30 license deadline.