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Gillian Lynch, Binance’s Europe head, said the exchange satisfied Greece’s licensing criteria and remains committed to the EU, despite pulling its MiCA application just ahead of the July 1 deadline.
She said the success of the European Union’s Markets in Crypto-Assets (MiCA) framework should be measured by how many firms it brings into regulation, rather than simply by the presence of rules.
Binance withdrew its application in Greece after months of talks with regulators, giving users less than 10 days’ notice instead of its typical 30-day window. The exchange told customers across several EU countries it would suspend certain services and pause new sign-ups until further notice.
While Lynch said MiCA could become a global standard, she stressed that its effectiveness depends on participation. “Is success about having regulation, or about ensuring participants are regulated?” she said.
She also supported MiCA’s structure, where national authorities grant licenses and the European Securities and Markets Authority (ESMA) oversees larger firms. Binance is one of several platforms scaling back services ahead of the transition deadline.
Reports from the Wall Street Journal suggested ESMA had privately urged regulators to reject Binance’s application over financial crime compliance concerns. Lynch disputed the claims, saying the report misrepresented how the exchange identified and handled suspicious accounts. She said such accounts were promptly offboarded and reported to law enforcement, adding that key details were omitted.
Lynch also denied allegations that Binance ignored sanctions risks or retaliated against compliance staff, calling them unfounded. The company has previously challenged similar reporting legally.
MiCA is expected to drive consolidation across the sector. OKX Europe CEO Erald Ghoos estimates that nearly 80% of the EU’s roughly 3,000 registered crypto providers may not survive under the new rules. Swissborg’s Alex Fazel said more than 10 million users may need to migrate to compliant platforms.
On Greece, Lynch said Binance had largely completed the licensing process and expected approval in early June after being told in April that its application was complete. However, repeated delays led the firm to withdraw.
“We were told nothing was outstanding,” she said.
Lynch highlighted Binance’s compliance investment—over $300 million annually and more than 1,500 staff globally—and said the company worked closely with Greece’s Hellenic Capital Market Commission throughout the process.
She warned that excluding Binance from MiCA could weaken Europe’s crypto ecosystem, given the exchange’s role in providing liquidity and infrastructure. Regulation, she said, should strengthen the market rather than push out major participants.
While declining to comment on possible political factors, Lynch said Binance is focused on supporting users through the transition and preparing a new licensing strategy.
“We remain committed to Europe and to being regulated,” she said.
Despite recent challenges, Lynch described MiCA as a positive step that brings clarity and stronger consumer protections, signaling the industry’s continued maturation.
“The industry is here to stay and is becoming part of mainstream finance,” she said.
For now, Binance is prioritizing user support while planning its return to the market.
“We’re not exiting Europe,” Lynch said. “This is a temporary hurdle, and we expect to come back.”
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