Binance vows to stay in Europe despite major license setback | News. az
Binance, the world’s largest cryptocurrency exchange, is facing a high-stakes regulatory showdown after its bid to secure a critical European Union operating license collapsed. Despite a rapidly approaching. . .
Binance, the world’s largest cryptocurrency exchange, is facing a high-stakes regulatory showdown after its bid to secure a critical European Union operating license collapsed. Despite a rapidly approaching deadline that threatens access for millions of users, a senior executive confirmed that the crypto giant has no intention of abandoning the European market. "Binance is not leaving Europe," said Gillian Lynch, Binance's head of Europe and the United Kingdom. "We may just have a different pathway to being authorized. If it is not Greece, I'm looking at other alternatives,"News. Azreports, citingReuters. The setback places Binance on an immediate collision course with European regulators. Under the EU’s landmark Markets inCrypto-Assets (MiCA) regulation, crypto firms have until a June 30 deadline to obtain authorization in at least one member state, which they can then "passport" to serve customers across the entire 27-country bloc. Because Binance's initial application in Greece unraveled, the exchange now has only a week to secure an alternative approval before its current permissions expire. RECOMMENDED STORIESParamount-Warner deal nears EU approval with major film divestmentWhy Trump refused to sign the massive new US housing billBinance pulls back applications in GreeceEVM Layer-2 Token Little Pepe (LILPEPE) emerges as a meme coin contender with growing presale demandAccording to sources familiar with the matter, Binance has held exploratory talks with regulators in Ireland, Latvia, and Greece, but faced coordinated resistance. European officials remain heavily concerned about the company's historical compliance record, its highly complex international corporate structure, and the lasting influence of founder Changpeng Zhao. Zhao previously pleaded guilty to breaching U. S. anti-money laundering laws as part of a massive $4. 3 billion settlement in 2023, serving a brief prison sentence before being pardoned by U. S. President Donald Trump. While Lynch insists that Zhao is now "100% removed" from company operations and that Binance has invested heavily in a 1,500-person compliance team, European regulators appear hesitant to grant a green light. The European Securities and Markets Authority (ESMA) has maintained a strict stance, warning that unlicensed crypto firms must immediately wind down their EU activities in an orderly manner. With millions of European downloads concentrated in major markets like France, Germany, and Spain, Binance's ability to pull off a last-minute regulatory pivot will serve as the ultimate test for the EU's strict new crypto regime. News. AzBy Aysel Mammadzada