Binance Awaits MiCA Authorisation Ahead of Grandfathering Deadline

Binance has published an update on its MiCA licensing process in Europe, two weeks before the transitional period closes on 1 July. No decision has been announced, and the outcome remains pending.

The update follows a Reuters report, citing two sources, that Greece's Hellenic Capital Market Commission (HCMC) may decline Binance's application. Binance disputes that it has received any formal indication of rejection. Both the HCMC and European Securities and Markets Authority (ESMA) have declined to comment publicly, so the position as it stands is unresolved.

According to Binance's own account, the HCMC completed its review, considered the application compliant with MiCA, and intended to progress toward authorisation at an upcoming Board meeting. Binance also states that the application was reviewed at ESMA level. The exchange has committed to a further update before 30 June.
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What ESMA's role actually is

It is worth being precise about what ESMA's role actually is here, because it is often misunderstood:

• Under MiCA, CASP authorisation is granted by the national competent authority, in this case the HCMC. ESMA does not issue, and cannot directly veto, an individual licence.

• ESMA's mandate is supervisory convergence: ensuring NCAs apply MiCA consistently and preventing regulatory arbitrage across Member States. It does this through peer reviews, supervisory briefings, and cooperation with NCAs. ESMA conducted exactly such a peer review of a national authority's CASP authorisation process in 2025.

• Because a single authorisation passports across all 27 Member States, large and cross-border applications naturally attract closer attention at the EU level, where consistency considerations carry more weight.

• The decision, when it comes, rests with the HCMC. ESMA's involvement reflects its consistency mandate rather than a separate approval power.

The case is being watched closely across the industry. With the transitional period ending on 1 July, any provider without authorisation must cease offering services to EU clients, which makes the timing and the outcome consequential well beyond a single exchange. The Alliance will continue to follow the case as it develops.

Read Binance's statement here.