Binance files for EU crypto license in Greece

The world’s largest cryptocurrency exchange has applied for a license in Greece to comply with the EU’s landmark Markets in Crypto-Assets regulation, also known as MiCA.

Binance filed for the license, which will allow it to operate across the EU, with the Hellenic Capital Market Commission (HCMC), which is fast-tracking the process, the Greek media has reported.

The regulator has asked five major consulting groups, including Ernst & Young, KPMG, and Deloitte, to help it review the application, according to D News, an English-language Greek outlet that first reported the news.

Corporate records show that Binance also incorporated a new entity in Greece. It was registered as a holding company and marks the firm’s first corporate move into the country.

Binance confirmed in a statement to Fortune that it had sought a MiCa license in Athens, and that it was involved in active discussions with the HCMC.

It was previously speculated that Binance would seek a licence in Malta or Latvia, often seen as more crypto-friendly jurisdictions. Athens is also not a major financial center, which makes it “perhaps a surprising choice,” according to Fortune.

Binance said in a statement that it chose Greece because of its “strong regulatory environment that promotes financial stability, transparency, and investor protection.”

Another reason may be that Binance, as one of the biggest players in the crypto industry, is seeking to avoid being seen as exploiting loopholes by opting for more lenient jurisdictions.

Austria, France, and Italy previously threatened to block the “passporting” of licenses granted by different member states if big crypto firms were found to be shopping for the weakest regulators.

Meanwhile, big crypto companies generally welcomed the EU’s new MiCA regulation. Binance said it offers regulatory clarity and “a clear framework for innovation.”

Under the new rules, crypto companies must obtain licenses from national regulators to operate across the bloc, with American crypto exchange Coinbase securing a license in Cyprus, stablecoin issuer Circle securing a license in France, and British fintech Revolut securing a license in Luxembourg.

However, France warned earlier this month that nearly a third of crypto companies without an EU license were still required to inform the regulator if they intend to get one. The firms have until the end of June to obtain a license. Those that fail may be forced to shut down.

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