Crypto exchange Binance is actively seeking alternative routes to obtain authorization under the European Union’s Markets in Crypto-Assets (MiCA) regulation, after its license application in Greece did not proceed as expected, Reuters reported Wednesday. Gillian Lynch, the company’s head of Europe and the UK, stated that Binance intends to remain active in the region despite the failed bid.

The situation is incredibly urgent because Binance’s existing authorization is set to expire within a week. Without a new license, the company may have to scale back or cease operations in Europe.

According to the report, Binance engaged with regulators in Ireland, Latvia, and Greece as part of its efforts to secure authorization in the EU, though Greece was the only jurisdiction where it formally submitted a license application.

Regulators reportedly expressed concerns about Binance’s history of anti-money laundering-related penalties, its complex global corporate structure, and its risk management culture.

Commenting on the outcome of the Greek application, Lynch said the company had not received a clear explanation for the decision and had previously expected approval.

Lynch emphasized that Binance has extensively strengthened its compliance framework, investing heavily in internal controls and employing approximately 1,500 compliance personnel worldwide.

This is a developing story.