Sources told Reuters that Greece's Hellenic Capital Market Commission (HCMC) is preparing to reject Binance's application for a MiCA license.
The exchange filed its application through the Greek regulator, choosing the country as its base in the EU. In February, CEO Richard Teng explained the decision by pointing to the quality of the local labor market and its security standards — as opposed to major financial hubs. He also signaled he was ready to leave the licensing decision entirely up to European regulators.
A Binance spokesperson said the company had spent 18 months working with the HCMC, met all MiCA requirements, and that the regulator had completed its review and deemed the application compliant.
"The HCMC has not given any official signals to the contrary," the spokesperson added.
The commission declined to comment, citing confidentiality rules.
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