Changpeng Zhao, founder of Binance, has claimed that the exchange's application for a Markets in Crypto-Assets (MiCA) certificate in Greece fully met regulatory requirements and was on the verge of approval by at least one EU regulator before political pressure led to its withdrawal last week.
Zhao's statement suggests the application faced not technical or compliance obstacles, but rather political intervention at a critical stage of the approval process. The withdrawal of Binance's MiCA application represents a setback for the world's largest cryptocurrency exchange in establishing formal licensing within the European Union's newly implemented regulatory framework.
The MiCA regulation, which came into effect in December 2023, establishes a unified licensing regime for cryptocurrency service providers across the EU. Binance's pursuit of certification in Greece indicated the exchange's intent to operate under European regulatory oversight, though the company has faced ongoing scrutiny from regulators across multiple jurisdictions over compliance and consumer protection concerns. The timing and nature of the alleged political intervention remain unclear.