Binance, the world’s largest crypto exchange, may lose its right to serve customers across the European Union, Reuters reported. According to two sources familiar with the matter, the company’s application for an EU license is expected to be rejected, which would effectively bar it from operating across the bloc starting in July.
The potential setback comes as European regulators move to tighten oversight of cryptocurrency trading. Under the EU’s new MiCA rules, crypto firms must secure a license in one eurozone country by the end of June to continue serving customers throughout the bloc. Binance submitted its application to the Greek regulator.
The company is believed to have millions of registered users in Europe, so a rejection could leave those customers uncertain about access to its services. Binance has previously said it intends to obtain an EU license, a process it said has taken about 18 months.
After the Reuters report, Binance posted on X that it plans to “support an orderly process and minimize the impact on our users,” without elaborating further.