Binance selects Greece as EU base under MiCA crypto rules

Binance is positioning Greece as its gateway to the European Union as the bloc prepares to implement its Markets in Crypto-Assets Regulation.

The move comes ahead of a July 2026 deadline requiring crypto firms to hold a MiCA licence to continue operating in the EU.

The decision signals that regulatory strategy in Europe is about more than speed, reflecting considerations around talent, security, and expansion.

MiCA licence strategy

Binance, which holds about $44 billion worth of bitcoin in customer wallets, applied last month in Greece to operate across the EU under MiCA.

The regulation creates a single licensing framework across member states, allowing firms authorised in one country to passport services throughout the bloc.

Greece has not yet issued a MiCA licence.

Regulators in Germany have granted 45 licences, while the Netherlands has issued 22, according to official data.

That makes Greece an unconventional choice for a group with around 300 million users globally and a regulatory base in Abu Dhabi.

Co-CEO Richard Teng said the licence is standard across Europe.

He said the company assessed labour force quality, safety, security, and talent when selecting a base.

Teng, who previously worked as a regulator in Singapore and Abu Dhabi, said the timeline for approval would depend on EU authorities.

Since becoming chief executive in November 2023, he has focused on positioning Binance as the most regulated crypto exchange globally.

Leadership and scrutiny

Binance’s regulatory posture remains under watch.

Founder Changpeng Zhao, known as CZ, pleaded guilty to violating US money laundering laws.

The case resulted in a nearly four month prison sentence and a $4.3 billion fine.

Zhao was pardoned last year by US President Donald Trump.

He remains a shareholder, and Teng said any questions about a return to an executive role would need to be addressed directly.

In December, Binance appointed Yi He, a co founder and long time partner of Zhao, as co-CEO alongside Teng.

Teng said the two leaders bring complementary strengths.

Sanctions concerns and market swings

Recent media reports stated that Binance investigators identified evidence of $1.7 billion in crypto transfers involving sanctioned Iranian and Russian actors.

The reports prompted an inquiry from Connecticut Senator Richard Blumenthal, a Democrat.

Teng said the coverage was misleading.

He stated that investigators referenced in the reports were dismissed for breaching data handling policies rather than for uncovering suspect transfers.

He reiterated that Binance does not serve residents of sanctioned countries, while acknowledging that it is not possible to fully eliminate suspicious transactions conducted on blockchain networks.

The expansion unfolds against volatile crypto market conditions.

Bitcoin has fallen about 50% from its record high of just over $126,000 in October.

Binance deployed $1 billion from an emergency fund in December to purchase bitcoin to support market stability.

Teng said retail sentiment has weakened.

However, participation by financial professionals has remained steady, with institutional flows continuing despite price swings.