Binance found itself in quite a predicament in late June 2026 after it withdrew its MiCA (Markets in Crypto-Assets Regulation) license application from Greek authorities. The exchange then asked European Union (EU) users to withdraw their funds as the platform would not be able to offer trading services after the July 1 MiCA deadline. While speaking at the Reuters NEXT Asia Conference at Singapore, CEO Richard Teng recently stated that 70% of the funds that were withdrawn went to self-hosted wallets, instead of MiCA-regulated platforms.
If users are indeed not moving their funds to MiCA-regulated platforms, it could be a big blow to EU regulatory oversight.
Will Binance Apply For A New MiCA License In The EU?
According to Binance, the company withdrew its Greek application due to regulatory delays. The exchange had mere days to get a license and keep its business running in the EU. Binance instead decided to withdraw its application and apply for a fresh license from France. However, things fell apart after the exchange’s application was rejected from France as well.
According to Teng, several EU member states have invited the exchange to apply for a MiCA license. Teng has not disclosed the countries he has spoken to but has said that the exchange has a path to legally return to the EU. While Binance has halted trading services in the EU, the exchange still has a plan to re-enter the European market.
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Binance is the largest cryptocurrency exchange by volume,. Losing the EU market would be a major blow to its position. While the platform’s EU business is facing significant uncertainty, it has gained substantial traction in the Asian markets. Binance recently entered the Philippines through a new partnership and aims to obtain licenses in additional Asian countries.