Binance withdrew its Markets in Crypto-Assets Regulation license application in Greece last month and is now seeking authorization in another EU member state, co-chief executive Richard Teng confirmed. The world's largest cryptocurrency exchange remains in close talks with EU regulators as it works to secure permission to operate under MiCA before the July 2026 deadline. Teng said the delay in Greece was unexpected because regulators had indicated the application would be approved, but the company withdrew to avoid potential disruption for EU users facing an uncertain transition period.
Binance Withdraws Greece MiCA Application After Unexpected Delays
Teng said the delay in Greece caught the company by surprise because Binance believed its application met the required standard. "It caught us by surprise, because we submitted a fully compliant regulation, the regulators told us as much … they were telling us that it will be approved," Teng stated. "So we are not quite sure why the approval kept being delayed."
The withdrawal was linked to the risk that EU users could face a short and uncertain transition period if approval continued to lag. Crypto companies must obtain a MiCA license by July 2026 to continue operating in the EU. Binance's withdrawal in Greece means the exchange needs a fresh approval path before that deadline.
Teng said the company is now in close talks with regulators that invited Binance to apply to their regime, but declined to name which regulators. The MiCA regulation requires firms to obtain authorization from a national regulator before they can use passporting rights across EU markets.
Binance Expands Asia Licensing Strategy With Philippines Entry
Binance plans to expand its regional footprint aggressively across Asia, Teng said. The exchange recently entered the Philippines through a partnership with local fintech company Blockshoals Technologies. "A few more (are) coming… we are going to expand our footprint quite aggressively," Teng stated.
The Asia expansion gives Binance a second growth track as European authorization remains unresolved. Each approval can improve local market access, strengthen compliance credibility, and reduce reliance on less formal operating models.
Binance Reports 9% Institutional Client Growth This Year
Teng's comments come during a weaker period for crypto markets. Bitcoin is down nearly 30% this year and has fallen more than 50% from its record high last October. Citigroup this month cut its 12-month forecasts for bitcoin and ether, pointing to softer investor demand, negative ETF flows, and limited progress on U.S. digital asset legislation.
Teng remained optimistic, pointing to stronger institutional involvement compared with earlier cycles. "Unlike (the) previous cycle, which (was) mainly a retail play, this cycle you see a lot more institions, you see a lot more corporates. It makes for a healthier marketplace," he said.
Binance recorded a 9% increase in institutional clients being onboarded this year, compared with a 7% increase in overall new customers. "Every time people say that bitcoin is dead, that's the time that I'll go all in," Teng said.
Binance Faces July 2026 EU Authorization Deadline
The next test for Binance is whether it can secure a new EU licensing jurisdiction before the MiCA deadline. The company's decision to withdraw in Greece reduced one transition risk, but it also reset the approval process.
Crypto exchanges are competing on jurisdictional access. Binance's ability to convert its scale into regulated market share depends on execution with regulators. The company says it intends to remain in the EU bloc.
FAQ
Why did Binance withdraw its MiCA license application in Greece?
Binance withdrew its MiCA license application in Greece last month after unexpected delays. Co-CEO Richard Teng said regulators had indicated the application would be approved, but the approval kept being delayed. The company withdrew to avoid potential disruption for EU users facing an uncertain transition period before the July 2026 MiCA deadline.
What is Binance's institutional client growth this year?
Binance recorded a 9% increase in institutional clients being onboarded this year, compared with a 7% increase in overall new customers. Co-CEO Richard Teng said this cycle shows more institutions and corporates compared with the previous cycle, which was mainly a retail play.
Where is Binance expanding its licensing strategy in Asia?
Binance recently expanded into the Philippines through a partnership with local fintech company Blockshoals Technologies. Co-CEO Richard Teng said the company plans to expand its regional footprint aggressively across Asia, with a few more licenses coming.
