Binance’s Head of Europe and UK, Gillian Lynch, told Reuters on June 24 that Binance will not exit the European market and is actively seeking alternative licensing pathways: “If not Greece, I am looking for other alternatives.” Binance has engaged with regulators in Greece, Ireland and Latvia, all of which encountered resistance; sources said the resistance was primarily due to Binance’s past money-laundering penalties, its complex international structure, and its risk-taking culture.
Irish, Latvian, and Greek Regulators Closely Coordinated on Binance’s Application
According to Reuters sources, regulators in Ireland, Latvia, and Greece have closely coordinated to ensure a consistent stance on Binance’s application. Local Greek media, citing sources, said that a group of advisors at the Greek central bank initially raised concerns, then consulted the European Central Bank, which reiterated its long-standing position on the cryptocurrency market.
Specific regulatory concerns include: past anti-money laundering penalty records, executive backgrounds, a complex global structure, and the influence of founder Changpeng Zhao — who stated in a podcast in February 2026 that he remains the ultimate beneficial owner of Binance. Lynch responded that Zhao has “100% exited” the company, Binance has hired around 1,500 compliance personnel, and the application has no unresolved issues.
Lynch said Binance had contacted four to five regulators but only submitted a formal application to Greece; a Binance spokesperson added that the company has had no contact with the Central Bank of Ireland for years.
ESMA Statement: Unauthorised Firms Must Immediately Cease Operations; MiCA Transition Deadline July 1
ESMA issued a statement on June 23, 2026, stating that unauthorised crypto-asset service providers must “immediately take the necessary steps to wind down their activities in the EU in an orderly manner.” Under MiCA regulations, crypto companies must obtain authorisation from at least one EU member state by July 1 to provide services to customers in all 27 member states via passporting.
Binance said it has over 300 million global users but declined to disclose its EU user count; Sensor Tower estimates that the Binance app was downloaded over 4 million times in the EU last year, with the highest download volumes in France, Germany, and Spain.
Binance Paid $4.3 Billion in U.S. Settlement in 2023; Main License Holder Now in UAE
In 2023, Binance founder Changpeng Zhao pleaded guilty to violating U.S. anti-money laundering laws, and Binance paid $4.3 billion in settlements; U.S. authorities said Binance violated anti-money laundering and sanctions laws and failed to report over 100,000 suspicious transactions linked to groups designated as terrorist organisations by the U.S. Zhao served nearly four months in prison before being pardoned by U.S. President Donald Trump last year.
Binance has previously suffered multiple setbacks in regulatory authorisation: not authorised in the UK, ordered to exit Japan for operating without a license, and currently its main license holder is the UAE. Binance’s General Counsel Eleanor Hughes said last week that Binance believes it meets the relevant requirements of MiCA.
Frequently Asked Questions
What is Binance’s current EU MiCA authorisation strategy?
Lynch, Binance’s Head of Europe and UK, said the company will not exit the European market and is seeking alternative licensing pathways. It contacted four to five regulators but only submitted a formal application to Greece; after withdrawing the Greek application, it is now evaluating other EU member state options. Under the MiCA passporting mechanism, authorisation from one member state allows it to serve customers in all 27 member states.
What are the main regulatory concerns regarding Binance?
Reuters sources outlined three main categories of concern: past compliance record ($4.3 billion U.S. settlement in 2023 for violating anti-money laundering and sanctions laws); company structure (Binance’s complex global structure and executive backgrounds); the continued influence of founder Changpeng Zhao (Zhao stated in a February 2026 podcast that he remains the ultimate beneficial owner). Regulators in the three regions have closely coordinated on Binance’s application.
What is Binance’s legal status in the EU after the MiCA deadline?
As of June 24, 2026, Binance has not obtained MiCA authorisation from any EU member state. ESMA stated on June 23 that unauthorised firms must immediately cease operations in the EU in an orderly manner; the MiCA transition deadline is July 1. Binance is currently actively seeking an alternative authorising member state, with Lynch saying the target country has not yet been determined.
