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- Report from Reuters He cites sources who say the company’s MiCA application will be rejected in the EU.
- Binance said on Tuesday that it believes it is operating in accordance with applicable laws in the European Union.
- If the company does not receive approval, it will need to cease its operations in the European Union.
Leading cryptocurrency exchange Binance said on Tuesday that it believes it is operating within EU rules Crypto Asset Markets (MiCA) Regulatory framework, after a Report from Reuters The company will likely lose its ability to provide services to EU residents.
Citing two sources familiar with the matter Reuters Greece’s markets regulator is expected to reject Binance’s application before the June 30 licensing deadline, it reported.
“A spokesperson for the exchange said: “We have pursued a MiCA license and have worked constructively with regulators over the past 18 months, including through a comprehensive application process with HCMC in Greece.” Decryption.
“Our understanding is that HCMC has completed its review of the application and has deemed it compliant with MiCA requirements,” they added.
The company established a holding company in Greece in December and I officially applied for a MiCA license in January Through HCMC. If approved, Binance – the world’s largest cryptocurrency exchange by daily trading volume – will be able to pass through its services to other EU countries, such as France, Spain and Germany.
Otherwise, it would need to cease its operations across the European Union – a reality Reuters He says it’s likely imminent.
“Our priority is to minimize disruption and keep users informed. We will provide more details live as additional information becomes available, including regarding next steps and available options,” the company posted on X.
In a blog post, The company noted that Europe remains “central to its long-term plans” and that it “remains willing and ready to operate under a truly coordinated MiCA system.”
In January, regulators in France pointed this out 90 cryptocurrency companies were operating in the region without MiCA complianceAlthough about 30% of them had applied for the license at that time.
last year, Regulators in the country threatened to ban the “passport”, Or move the compliance allowed by MiCA licenses across the EU, as it sought to push oversight up to the European Securities and Markets Authority (ESMA).
A Binance spokesperson said Decryption My understanding is that its MiCA implementation has been reviewed at ESMA level as well.
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