#What is Binance Doing in Greece?
Binance, a prominent cryptocurrency exchange, has formally submitted an application for a Markets in Crypto-Assets license in Greece. This application is made through a holding company called Binary Greece, which aims to secure European Union-wide operational rights.
Based in Athens, Binary Greece was established in late 2022. This entity functions as Binance’s strategic center to obtain a MiCA license. If granted, this license will empower Binance to offer its services seamlessly across all 27 EU member states from a singular regulatory framework.
The Hellenic Capital Market Commission, Greece’s securities authority, is currently reviewing Binance’s application. This regulatory body has reached out to five major audit and consultancy firms, such as Ernst & Young and Deloitte, to assist in the assessment process mandated by the EU’s MiCA legislation.
#What Does MiCA Mean for Digital Asset Firms?
The MiCA framework, introduced in 2023, establishes that digital asset companies operating within Europe must acquire authorization by July 1, 2026. So far, only a mere 4% of cryptocurrency platforms in France have successfully secured this crucial authorization.
Should Binance’s application receive approval, it will solidify the company's standing and operations in Europe before the impending deadline. Following this deadline, unlicensed crypto firms will be compelled to halt operations in multiple EU member states, emphasizing the importance of compliance for firms like Binance.
By obtaining the MiCA license, Binance not only aims to enhance its operational capabilities across Europe but also demonstrates its commitment to adhering to regulatory standards. This strategic step aims to fortify customer confidence and ensure the sustainability of its services within the EU market.