Binance says it remains committed to operating in the European Union despite withdrawing its Markets in Crypto-Assets (MiCA) license application in Greece, while also pursuing new regulatory approvals across Asia.
Speaking at the Reuters NEXT Asia conference in Singapore on July 9, Binance Co-CEO Richard Teng said the exchange remains in discussions with regulators in the bloc over a new application but declined to identify the jurisdictions involved.
Last month, Binance withdrew its Greek MiCA application and confirmed plans to seek authorization in another EU member state. Under MiCA rules, crypto firms must secure a license by July 2026 to continue serving customers across the European Union.
Going on stage in about 10 minutes at @reuters_next Asia in Singapore. Looking forward to a conversation about where crypto is heading and what comes next!
Catch the livestream here: https://t.co/64BSKsEMi1
— Richard Teng (@_RichardTeng) July 9, 2026
Teng said Binance had expected the Greek application to receive approval after submitting what he described as a fully compliant filing. Instead, prolonged delays prompted the company to withdraw the application to avoid putting European users through a short transitional period.
Beyond Europe, Teng said Binance is accelerating its expansion across Asia. The exchange recently entered the Philippines through a partnership with fintech company Blockshoals Technologies and is preparing additional licensing announcements in the region.
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Institutional demand remains Binance’s long-term bet
Despite a difficult year for digital assets, Teng said Binance continues to see rising institutional participation.
Still, Teng said institutional client onboarding has increased by 9% this year, compared with 7% growth in Binance’s overall customer base. He argued that greater participation by companies and professional investors is creating a more stable market than in previous cycles, which were largely driven by retail traders.
The real competition is now regulatory approval
Crypto exchanges once competed mainly on trading volume, token listings, and lower fees. Today, another factor is separating the industry’s biggest players: regulatory approval. A license has become a business asset that determines where an exchange can legally operate, advertise its services, and onboard new customers.
Binance’s continued pursuit of a MiCA license shows that rather than focusing only on expanding its product lineup or entering new markets, the exchange is investing time and resources into securing regulatory clearance that could support its long-term presence in Europe.
Other global exchanges have followed a similar path, placing compliance alongside growth as a priority. As more countries introduce comprehensive crypto rules, competition is increasingly taking place in regulators’ offices as much as on trading platforms.
Binance has assured customers across the European Union that their funds remain safe as new regulatory changes under the MiCA framework begin taking effect across the region.
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