Binance could lose its ability to operate across the European Union within weeks after its Markets in Crypto-Assets (MiCA) license application in Greece is expected to be rejected, according to people familiar with the matter cited by Reuters. Under the EU’s new crypto regulatory regime, companies must obtain approval by the end of June to continue serving EU customers.

Binance said in January it had formally applied to operate under the MiCA framework, choosing Greece as its regulatory jurisdiction ahead of the new rules taking effect later this year. The application was submitted to the Hellenic Capital Market Commission (HCMC), which supervises crypto-asset service providers in the country.

The company has engaged closely with the HCMC and described MiCA as an important regulatory milestone that improves clarity, enhances user protection, and enables more structured innovation in the crypto sector. Binance added that it welcomed the opportunity to support Europe’s evolving digital finance ecosystem under the new framework.

The filing follows the creation of Binary Greece, Binance’s local holding entity focused on investments and advisory services across the region. The application is currently under a fast-track review process with support from advisory firms including PwC, Deloitte, and KPMG, but the HCMC has not publicly commented on the status of the review.

Without a license, Binance would be unable to operate in the EU starting from July 1 under MiCA rules.

A Binance spokesperson said the company believes it has met all requirements under the framework. According to the firm, the regulator has completed its assessment and considers the application compliant, although no official confirmation of rejection has been issued.