Binance, the world’s largest cryptocurrency exchange, said on 24 June it would remain committed to operating in the European Union despite the collapse of its bid for a licence in Greece, a setback that threatens its ability to serve millions of customers when new EU crypto rules take full effect on 30 June.

Speaking to Reuters, Gillian Lynch, Binance’s head of Europe and the United Kingdom, said the company was exploring alternative routes to authorisation after its application under the EU’s Markets in Crypto-Assets (MiCA) regime unravelled. “Binance is not leaving Europe,” Lynch told Reuters. “We may just have a different pathway to being authorised.”

The development comes days before a regulatory deadline requiring crypto firms to secure approval in at least one EU member state in order to offer services across the bloc. Reuters previously reported that Greece’s Hellenic Capital Market Commission was expected to reject Binance’s application, which had been viewed as the company’s preferred gateway to the European market.

According to Reuters, Binance has held discussions with regulators in Ireland, Latvia and Greece but has encountered resistance in each jurisdiction. Two people familiar with the process told the news agency that regulators were concerned by the company’s previous penalties related to anti-money laundering failures, its complex international structure and what they regarded as a risk-taking culture.

Lynch told Reuters that Binance did not know why approval had not been granted and said the company had believed the Greek regulator was preparing to issue a licence. She added that Binance had strengthened its compliance framework, employed around 1,500 compliance staff and had no unresolved issues connected to its application.

European regulators have signalled that firms failing to obtain MiCA authorisation must cease operating in the bloc. On Tuesday, the European Securities and Markets Authority said unlicensed crypto firms should “take immediate steps to wind down their EU activities in an orderly manner”.

Reuters reported that regulators reviewing Binance’s application were concerned about the backgrounds of senior executives and the exchange’s historic anti-money laundering controls. One source cited by Reuters pointed to the continuing influence of founder Changpeng Zhao, despite his departure from management. Lynch rejected that suggestion, telling Reuters that Zhao is “100 per cent removed” from the company.

Binance, which says it serves more than 300 million customers globally, has faced regulatory challenges in several markets. In 2023, Zhao pleaded guilty to breaching US anti-money laundering laws as part of a $4.3 billion settlement, before later receiving a pardon from US President Donald Trump.

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