Binance Applies For MiCA License In Greece

• Binance is reportedly eyeing a license in Greece to “passport” its services across all 27 EU member states.
• French regulators have warned that 90 crypto firms are currently unlicensed as the MiCA deadline approaches.
• Meanwhile, traditional banks like KBC are now entering the market by seeking their own crypto authorisations.

Recently, Binance made a major move to secure its future in Greece by applying for a MiCA license.

It made this filing in Athens and is hoping to gain a foothold that allows it to operate legally across the entire EU (European Union). This move comes just as regulators in France issued a warning to firms that have not yet met the new standards.

Binance’s Push For A MiCA License in Greece

To certain speculators, Binance filing for a MiCA license in Greece might seem like an unusual choice at first. 

Athens is not known as the centre of European finance like Paris, Switzerland or Frankfurt. However, Greece offers a fast-track review process that is very attractive to large firms like Binance. 

Greek officials have already partnered with major accounting companies like Ernst & Young and KPMG to review these applications. And if the Hellenic Capital Market Commission approves the request, the exchange will be able to use a “passporting” framework. 

To put things more simply, Binance getting a single approval in Greece means that it can market its services to over 450 million people across the EU.

For a global giant like Binance, getting one license to cover 27 countries is a major win in the long term.

France Issues Warnings to Unlicensed Crypto Firms

Meanwhile, as some companies are moving forward, others are falling behind. 

France’s financial regulator (the AMF) recently pointed out that 90 registered crypto firms in the country still do not have a MiCA license. 

The regulator has been very clear about the consequences and says that firms must either comply with the new rules or stop their operations in France entirely. 

This warning has been a major source of pressure for the industry, especially as the 1 July deadline approaches.

Binance on the other hand, has already started changing its services to stay ahead of these threats. 

Last year, it restricted copy trading for European users and limited certain products that were linked to unregulated stablecoins. 

Leading the Race for MiCA Authorisations

Germany and the Netherlands are currently leading the way in issuing these new permits. Data shows that Germany has granted 43 licenses so far, while the Netherlands has issued 22. 

France currently has 11 approvals, while Greece has not yet issued any licenses (with Binance’s pending).

Meanwhile, other players are also joining the regulated market. 

KuCoin recently received a license in Austria, which allows its European unit to offer services in 29 countries within the European Economic Area. 

In all, these new developments show that the “wild west” era of crypto is ending. And if a company wants to survive in Europe, it must prove to the government that it can follow the same rules as banks and other institutions.

Traditional Banks Join the Crypto Movement

Traditional banks are also now seeing an opportunity to offer digital asset services to their customers. 

For example, major Belgian bank, KBC is planing to launch Bitcoin and Ethereum trading through its investment platform. The bank expects to receive its own MiCA license in Belgium very soon, and this move makes KBC the first bank in Belgium to offer such services to retail investors.

The bank is planning to use a “closed loop” model, which means that customers will be able to buy and sell coins within the platform, but cannot move them to external wallets. 

This design is expected to protect users from fraud and phishing attacks, and estalised banks entering the space proves that crypto is indeed becoming mainstream.

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