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Binance chose Greece. The crypto exchange’s co-CEO Richard Teng said the decision came down to workforce quality and security factors when applying for a European MiCA license last month.
Teng spoke at the GFTN Forum in Tokyo and laid out why Greece beat other EU countries for Binance’s regulatory home base. The Markets in Crypto-Assets framework gives firms one license to operate across all 27 EU member states, but Teng said they looked beyond just regulatory uniformity. Greece’s labor pool and social conditions played big roles in the choice. The country’s economic stability also caught their attention, especially compared to places like Germany with 45 MiCA licenses already or the Netherlands with 22.
Not really what people expected.
Many crypto watchers figured Binance would pick Latvia or Lithuania for their EU operations. But Teng said Greece offers better long-term advantages for major European business. The exchange submitted its application there in recent weeks as the July 2026 deadline approaches fast. All crypto firms need MiCA compliance by then or they can’t operate in EU markets anymore.
Greece hasn’t issued any MiCA licenses yet, which means Binance is betting on an untested regulatory environment. Teng said the timing depends on EU authorities and Greek regulators working together. Since taking over leadership in November 2023, he’s focused heavily on regulatory compliance after Binance faced serious legal troubles. The exchange paid $4.3 billion to settle U.S. anti-money laundering violations.
“We don’t serve residents from sanctioned countries and we’ve improved our compliance checks,” Teng said during the Tokyo forum.
Recent reports suggested crypto transfers involving Iranian and Russian entities went through Binance systems. Teng called those reports misleading and said employees who breached data policies got fired. The exchange has been working hard to clean up its reputation since the massive U.S. settlement.
And the MiCA deadline is creating pressure across the industry. Exchanges scramble to secure licenses before July 2026 or risk losing access to European customers. Binance’s Greece application is part of their broader strategy to establish stable regulatory presence in the EU. The license allows operations across all member states, though larger exchanges might face more coordination with European authorities like ESMA as oversight frameworks develop.
Teng noted Greece’s growing reputation as an international business hub influenced their decision. The country’s efforts to attract foreign investment and its ongoing economic recovery made it increasingly attractive for global companies. Greece also sits at the crossroads between Europe, Asia, and Africa, giving Binance strategic positioning for future market expansions. More on this topic: Gate Grabs EU Payment License in.
But there’s more complexity here. The European Securities and Markets Authority watches how major exchanges adapt to MiCA requirements. ESMA pays particular attention to anti-money laundering and counter-terrorism financing measures – areas where Binance previously faced scrutiny. The authority wants to ensure financial stability and protect EU investors.
Binance’s application sits under review by Greek financial authorities right now. They’re checking whether the exchange meets all necessary criteria for MiCA compliance. The process involves detailed examinations of operational procedures, risk management systems, and customer protection measures.
So far, the timeline remains unclear. Greek regulators didn’t specify how long reviews typically take for major exchanges. Binance executives said they’re working closely with authorities to provide all required documentation and information.
The choice of Greece also reflects broader trends in crypto regulation. Smaller EU countries often move faster on licensing decisions compared to larger financial centers. Estonia and Malta previously attracted crypto businesses with streamlined approval processes, though regulatory standards have tightened significantly since MiCA’s introduction.
Industry watchers think Binance’s Greece bet could pay off if the country develops efficient licensing procedures. Other major exchanges are probably watching the process closely to see whether Greece becomes a preferred destination for EU crypto operations.
Teng emphasized that regulatory alignment remains Binance’s top priority as the July 2026 deadline approaches. The exchange can’t afford to lose European market access, which represents a significant portion of global crypto trading volume. Related coverage: Enterprise Ethereum Alliance Launches Privacy Group.
Market conditions add urgency to the licensing process. Crypto trading volumes have surged in recent months, making EU market access even more valuable for major exchanges. Binance faces competition from other platforms also seeking MiCA licenses across different member states.
The outcome of Binance’s Greek application will likely influence other exchanges’ location decisions. Success there could trigger more applications in Greece, while delays might push firms toward countries with established licensing track records.
Greek authorities haven’t announced expected timelines for major exchange reviews. Binance’s application represents one of the largest MiCA license requests the country has received so far.
Greece’s financial regulators have been actively courting international fintech companies since 2019, establishing specialized teams to handle complex licensing applications. The Bank of Greece created dedicated crypto oversight divisions last year specifically to manage MiCA implementation.
Meanwhile, competing exchanges like Kraken and OKX have submitted applications in Ireland and France respectively, creating a race among EU member states to attract major crypto platforms. Industry analysts estimate successful MiCA license holders could capture disproportionate market share as smaller, unlicensed competitors exit European markets entirely.
