Summary
Binance is pursuing alternative EU member state authorization after withdrawing its Greek MiCA application, co-CEO Richard Teng confirmed at Reuters NEXT Asia in Singapore. Teng said some European authorities have encouraged Binance to seek approval through their regimes, though he declined to identify them while talks continue. Binance pulled the Greek filing to prevent EU customers from being caught in a compressed handover period after prolonged delays. Separately, Binance is deepening its regulated presence in Asia, partnering with Philippine fintech Blockshoals Technologies and pursuing further regional approvals. Teng also disclosed that trading in US assets on Binance's platform exceeds $3 billion.
Key Facts
- Withdrew Greek MiCA application due to prolonged regulatory delays
- Seeking authorization through another EU member state
- Partnered with Blockshoals Technologies in the Philippines
- Pursuing additional Asia regulatory approvals
- US asset trading on Binance exceeds $3 billion
- MiCA approval needed for crypto firms to operate across the entire EU bloc
Why It Matters
Binance's EU licensing strategy is a bellwether for how major crypto exchanges navigate MiCA's passporting regime. The Greek withdrawal and pivot to another member state shows the practical challenges of MiCA implementation. Binance's simultaneous Asia expansion (Philippines partnership, additional licenses) signals a strategic shift toward Asian markets where regulatory frameworks are still crystallizing.