Cryptocurrency platform Binance is pushing to maintain its presence within the European Union, despite a failed licence application in Greece and a looming deadline. Gillian Lynch, Binance’s head for Europe and the United Kingdom, told Reuters the company is “not leaving Europe” and is exploring alternative pathways for authorisation. Binance operates as one of the world’s largest cryptocurrency exchanges, enabling users to buy, sell, and trade various digital assets. Its current permission to operate in the EU is set to expire on June 30, requiring a wind-down of operations if no licence is secured.
Binance’s efforts have encountered significant regulatory resistance. Sources familiar with the process revealed that discussions with authorities in Ireland, Latvia, and Greece have faced consistent concerns. Regulators are reportedly troubled by Binance’s past penalties for money laundering, its complex international corporate structure, and what they perceive as a risk-taking culture. Concerns also extend to the background of senior executives and the adequacy of the exchange’s money laundering controls.
Lynch countered these concerns, asserting Binance has significantly invested in compliance, now employing approximately 1,500 compliance staff. She added that founder Changpeng Zhao, who previously pleaded guilty to breaching U.S. anti-money laundering laws, is “100% removed” from the company. The EU’s landmark MiCA regime mandates firms obtain authorisation by end-June to serve customers across the bloc. The European Securities and Markets Authority (ESMA) has advised unlicensed firms to “take immediate steps to wind down their EU activities.” This situation tests the strength of the EU’s new crypto rules, creating uncertainty for Binance’s millions of global customers, including those in Europe.
