Leading crypto exchange Binance has formally withdrawn its Markets in Crypto Assets (MiCA) license application in Greece as it seeks compliance with EU crypto regulations, the firm announced on Wednesday.
The firm’s announcement comes just one week after a Reuters report indicated its application was going to be rejected by the Greek finance regulator, HCMC.
“Binance has decided to withdraw its MiCA licence application with the Hellenic Capital Market Commission (HCMC) in Greece and pursue authorization in another EU Member State,” the firm wrote on Wednesday.
“Over many months, Binance worked constructively and in good faith with the HCMC,” it added, noting that because no response was given ahead of the July 1 deadline, it was “moving forward” in a way that benefitted its users.
Firms hoping to compliantly provide crypto services in the European Union must have a MiCA license by the July 1 deadline, or may be forced to cease operations in the region.
Binance’s near-term future in the region remains unknown, but it told users Wednesday that their funds are safe and secure—though some users may be impacted by the withdrawal.
“We are in the process of contacting all of our EU users,” the firm said. “Those communications will explain whether any action is required, what options may be available, any relevant timelines, [and] where to go for support.”
Binance submitted its application in Greece in January, opting for the nation partly on account of its recent economic growth, a spokesperson told Decrypt at the time.
Regardless, the firm maintains that it is committed to Europe long-term, despite the apparent setback it faces by withdrawing the application.
“While we withdrew our application in Greece, Binance remains committed to Europe,” the exchange said. “Europe is an important region for Binance, and our ambition to operate under a clear, fair, and harmonized MiCA framework remains unchanged.”
Once approved in an EU nation, the firm is able to “passport”—or transfer its compliance—to the other 27 member nations. Last year, though, French regulators spoke out about disallowing “passporting,” threatening to block some firms who received regulatory approval in more lax EU states.
A representative for Binance did not immediately respond to Decrypt’s request for comment.
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