European Union · Wall Street · CoinDesk
Binance confirms MiCA should be judged by who it licenses, not who it excludes
Compiled by KHAO Editorial — aggregated from 1 source. See llms.txt for citation guidance.
★ Tier-1 Source
The head of crypto exchange Binance's Europe division said the success of the European Union’s Markets in Crypto-Assets (MiCA) regulation should be measured by how many firms it brings into the regulatory system, not simply by having a rulebook.
Key facts
- Of the roughly 3,000 registered virtual asset service providers (VASPs) operating in the EU, almost 80% of the crypto players may not survive after MiCA, according to Erald Ghoos, CEO of OKX Europe
- The world's largest crypto exchange withdrew its MiCA license application in Greece last week after months of discussions with regulators, forcing it to notify affected users less than 10 days
- And as a consequence of the hundreds of crypto service providers facing suspensions, over 10 million users will now have to migrate to a MiCA-approved platform, Alex Fazel of Swissborg told CoinDesk
- Despite the Greek withdrawal, she said she supports MiCA remaining a system in which national regulators grant licenses, while the European Securities and Markets Authority (ESMA) plays a larger
Summary
Binance withdrew its MiCA license application in Greece after delays and regulatory uncertainty, forcing it to halt some services and new registrations for EU users days before the July 1 deadline. European head Gillian Lynch said MiCA’s success should be judged by how many crypto firms are brought into the regulated system, while defending Binance’s financial-crime controls and rejecting allegations raised in recent Wall Street Journal reporting. Lynch argued that excluding Binance from MiCA would hurt Europe’s crypto market by removing key liquidity and infrastructure, and said the exchange remains committed to securing a new license and staying in Europe despite the setback.