Binance, the world’s largest cryptocurrency exchange, may lose its right to serve customers across the European Union after its license application is expected to be rejected, Reuters reported. Two people familiar with the matter told the agency that the move could amount to a ban on the company operating across the bloc starting in July.
The development comes as EU regulators tighten oversight of crypto trading. Under the bloc’s new MiCA rules, crypto firms must secure a license in one eurozone country by the end of June in order to continue serving customers throughout the EU.
Binance submitted its application to the Greek regulator. The company has said it has spent about 18 months pursuing approval in the EU. Reuters said the rejection, if finalized, would leave millions of Binance users in Europe uncertain about access to the platform.
After the report, Binance posted on X that it intends to “support an orderly process and minimize the impact on our users,” without giving further details.