Binance Says MiCA Success Should Be Measured By Who Gets Licensed

Binance pulled its MiCA license application in Greece last week after months of talks with regulators, notifying users just days before the July 1 deadline instead of the usual 30. The exchange told clients it would pause some services and stop accepting new EU registrations until further notice. Europe head Gillian Lynch said the regulation’s real success should be judged by how many firms it brings inside the system, not simply by having rules in place.

Compliance Concerns Disputed

A Wall Street Journal report claimed European regulators privately flagged concerns about Binance’s compliance with financial-crime rules. Lynch pushed back strongly, saying the reporting misrepresented how flagged accounts were reviewed and acted on, adding that Binance offboarded and reported those accounts to law enforcement as soon as it found them. She also rejected claims the company ignored sanctions issues or punished compliance staff, calling them completely false.

Industry Faces Mass Migration

Lynch said Binance believed its application was complete as of April and expected approval by early June before board meetings stalled. Industry figures estimate nearly 80% of EU crypto firms may not survive MiCA, forcing over 10 million users to switch platforms. Lynch said Binance remains committed to Europe and plans a new licensing push.