Binance invited for new EU licenses after MiCA withdrawal

Binance withdrew its MiCA application in Greece but is now invited by several EU states to seek new licenses. The company remains committed to Europe and expands in Asia despite regulatory hurdles.

Binance is seeking new licensing opportunities in Europe after withdrawing its Markets in Crypto-Assets (MiCA) application in Greece. Co-CEO Richard Teng called the move surprising, as Binance had submitted a fully compliant application and received positive feedback from regulators. Following the withdrawal, several EU member states invited Binance to apply for licenses under the MiCA framework. Discussions are still in early stages, and specific countries have not been disclosed. The withdrawal led to significant user fund outflows, with 70% moving to self-custody wallets and $1.23 billion in weekly net outflows across Europe. Despite these challenges, Binance remains committed to the European market and is accelerating its expansion in Asia, recently entering the Philippines through a partnership with Blockshoals Technologies. This situation highlights the complexities of regulatory approval in the EU and the importance of securing new licenses for continued operations.