Binance co-CEO Richard Teng defended seeking the exchange’s European MiCA license in Greece, citing its labor force and security as key reasons for the choice.
Speaking at the GFTN Forum in Tokyo, Teng said that although the Markets in Crypto-Assets (MiCA) framework offers a standardized license across the EU, Binance considered broader factors when selecting a base.
“The license is pretty standard throughout Europe, so we have to think through many other factors, whether it’s social, whether it’s talent pool, safety and security issues,” Teng said. “Greece is where we think will be a good base for us to expand in Europe.”
Binance applied in Greece last month. All crypto firms operating in the EU must secure a MiCA license by July 2026 to continue serving the market.
A Strategic Base Within the EU
Greece has yet to issue its first MiCA license, compared with 45 in Germany and 22 in the Netherlands, according to regulator data. That makes the choice notable, as other exchanges have opted for jurisdictions with established approval processes.
Some observers in the Baltic fintech community had expected Latvia or Lithuania to be shortlisted. While Baltic states are often viewed as agile licensing hubs, Greece’s economic resilience, larger, diversified talent pool, and increasing profile for international businesses may offer unique advantages for firms building substantial EU operations.
Under MiCA’s passporting regime, however, the location of the license may matter less over time. If supervision of major players becomes more centralized at the European level — a possibility already under discussion — oversight could extend beyond the country that grants the license.
Regulatory Context
Teng said the timing of approval will depend on EU authorities. Since taking over in November 2023, he has emphasized regulatory alignment following a period of legal challenges. These included a $4.3 billion U.S. settlement related to anti-money laundering violations under former CEO Changpeng Zhao.
Teng has said Binance does not serve residents of sanctioned countries. He added that the company has strengthened compliance controls, while acknowledging that suspicious blockchain transactions cannot be eliminated entirely.
Recent media reports also questioned historical crypto transfers involving Iranian and Russian actors. Teng called those reports misleading. He said the employees cited were dismissed for breaching internal data policies.
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Positioning Ahead of MiCA
With the July 2026 deadline approaching, securing an EU license has become critical for exchanges seeking uninterrupted access to the bloc. The license grants passporting rights across all 27 member states.
Although approval is granted at the national level, larger exchanges may face closer coordination with European authorities, including ESMA, as supervisory frameworks evolve. For Binance, applying in Greece reflects a broader effort to secure a stable regulatory base within the EU as MiCA moves toward full implementation.
