Binance Faces EU MiCA Regulatory Barriers... Co-CEO Richard Teng Says "Encouraged by Regulators to Pursue New Licensing Paths"

As of July 9, 2026, while crypto exchange Binance is experiencing service disruptions following the implementation of the European Union's Markets in Crypto-Assets (MiCA) regulation, Co-CEO Richard Teng hinted at the possibility of new cooperation with regulators. Teng claimed that despite the suspension of major services within the EU on July 1, regulators directly encouraged Binance to explore new licensing paths under the MiCA framework.

Binance remains fully committed to the goal of obtaining a MiCA license and operating under a single European framework.

These remarks are interpreted as a strategic move to overcome the severe regulatory isolation Binance is facing in the European market. Currently, Binance is blocked from onboarding new users and providing major financial services across the 27 EU member states, and whether this claim of "invitation" will lead to actual licensing has emerged as a key point of interest for the market.

July 1 Deadline and Full Service Suspension

As of July 1, 2026, Binance officially suspended services for new deposits, orders, registrations, and staking products for EU residents. This was an inevitable measure as the exchange failed to secure the necessary licenses before the end of the MiCA regulation's transition period. The timeline below shows the rapid regulatory changes Binance has faced in recent weeks.

• Suspension of new deposits and trading orders within the 27 EU member states
• Cessation of new user registrations and Know Your Customer (KYC) procedures
• Termination of staking and interest-bearing financial product services

This service suspension is interpreted as a signal that Binance has failed to meet regulatory standards in Europe, leaving existing users restricted from new investment activities other than asset withdrawals. While Binance emphasizes that this measure is a temporary step for regulatory compliance, the industry believes it will be difficult to avoid a decline in market share within Europe.

The withdrawal of the license application in Greece became a decisive background for this situation. Binance voluntarily withdrew the license application it had submitted to the Hellenic Capital Market Commission (HCMC) on June 24, 2026, which occurred immediately after reports emerged that the HCMC was preparing to reject Binance's application.

Binance counters that the HCMC had initially given a positive evaluation and was reviewing the license approval, but ultimately, the plan to use Greece as a regulatory hub in Europe fell through. This uncertainty is acting as a major obstacle for Binance in restoring trust within Europe.

Regulatory Gap with Competitor Coinbase

Binance's regulatory difficulties contrast with the successful European expansion of its competitor, Coinbase. Coinbase already obtained MiCA approval in Luxembourg in 2025, establishing a legal and stable operational foundation in the European market. This is evaluated as the result of its transparency as a public company and its efforts toward strict regulatory compliance.

Industry experts analyze that Binance's failure to secure a MiCA license is due to corporate governance issues rather than technical capabilities. Rather than proof of reserves or technical security, opaque governance structures and a history of past legal disputes are cited as the main reasons for failing to meet the strict screening standards of European regulatory authorities.

Co-CEO Richard Teng stated on July 9 that the company is strengthening regulatory efforts in the Asian market to overcome the difficulties in Europe. This appears to be an intention to compensate for the gap in the European market with growth in the Asian region, as part of a strategic diversification to respond to changes in the global regulatory environment.

In conclusion, it remains uncertain whether the 'new licensing path' mentioned by Binance will lead to a substantial market re-entry. To re-enter the European market under the single regulatory framework of MiCA, the establishment of transparent governance at the level required by regulatory authorities must precede simple technical improvements.