Binance has withdrawn its MiCA license application in Greece and will pursue authorization in another EU country instead. The decision comes days before a July 1 deadline that could force the exchange to shut down operations for millions of users across the bloc if it lacks a license in at least one member state.
Officials must obtain a license somewhere in the bloc by July 1 or regulators will require them to halt services for users across the region.
https://x.com/binance/status/2069791259812839895
MiCA regulations stipulate that any unlicensed operator has to terminate its activities in the 27-nation area after that cutoff.
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Reuters reports that Greece’s HCMC is expected to reject Binance’s MiCA application before the June 30 deadline, forcing the exchange to cease EU operations. The decision would cut off the world’s largest crypto platform from EU residents and test the effectiveness of the bloc’s new harmonized licensing regime.
The European Banking Authority published a consultation paper outlining fines of up to 12.5% of annual revenue for significant token issuers that violate MiCA rules. The framework arrives days before a July 1 licensing deadline that will force many crypto firms to halt EU operations or face exactly the penalties now detailed.
ESMA has ordered unlicensed crypto firms to stop serving EU clients and wind down operations before the MiCA authorization deadline of July 1, 2026. The move ends the transitional period for the EU's unified crypto rulebook and limits services to orderly client exits while maintaining AML obligations.
Revolut will stop supporting USDT purchases from July 6 and fully delist the stablecoin after Aug. 31, automatically converting leftover holdings. The move reflects ongoing European regulatory pressure on non-compliant stablecoins such as Tether's USDT.
Taiwan's Legislative Yuan passed the Virtual Asset Service Act on June 30, requiring licenses for all virtual asset service providers and strict reserve rules for stablecoins. The law shifts the island from light-touch AML registration to full FSC supervision with steep criminal penalties.
