Regulators Offer Binance New Licensing Path After MiCA Setback

Binance is in early discussions with regulators who have invited the exchange to apply for new crypto licenses, following its withdrawal from a licensing bid in Greece under the EU’s Markets in Crypto Assets Regulation, according to co CEO Richard Teng. Speaking at a conference in Singapore, Teng described the talks as still premature and declined to name the jurisdictions involved.

What Went Wrong in Greece

Binance pulled its MiCA application in Greece on June 24 after reports suggested regulators were preparing to reject it. Teng said the move caught the company off guard, noting that Binance had submitted what regulators themselves acknowledged was a fully compliant application. The exchange withdrew to avoid leaving users with a shortened transition period once the EU’s MiCA rules took full effect on July 1.

Users Shift to Self-Custody

Teng said most EU users who withdrew funds from Binance moved them into self-hosted wallets rather than MiCA-licensed exchanges, with about 70% going to self custody and only 30% flowing to regulated platforms. He questioned whether the framework is achieving its consumer protection goals if it pushes users toward less-supervised options. Binance saw net outflows of $1.23 billion in the week following the transition, a sharp jump from the prior week, while competitor OKX reported a surge in app downloads over the same period.

Expansion Continues in Asia

Beyond Europe, Teng pointed to Binance’s growing presence across Asia, including recent moves into the Philippines alongside existing operations in Japan, Korea, Thailand, Indonesia and Australia. The Philippine expansion relies on a local partnership, though neither party currently holds central bank authorization for peso -related transactions.