Here’s a tighter, streamlined rewrite with a clean, authoritative tone:
Gillian Lynch, Binance’s head of Europe, said the exchange met Greece’s licensing standards and remains committed to operating in the EU, despite withdrawing its MiCA application shortly before the July 1 deadline.
She argued that the success of the European Union’s Markets in Crypto-Assets (MiCA) framework should be judged by how many firms it successfully brings into the regulated system, rather than simply by having rules in place.
Binance pulled its application in Greece after months of engagement with regulators, giving users less than 10 days’ notice instead of its usual 30-day period. The exchange informed customers across several EU countries that it would suspend certain services and halt new registrations until further notice.
While Lynch said MiCA has the potential to become a global standard, she emphasized that its effectiveness depends on participation. “Is success about having a rulebook, or about ensuring firms are actually regulated?” she said.
She also supported MiCA’s structure, in which national regulators issue licenses while the European Securities and Markets Authority (ESMA) oversees larger firms. Binance is among several exchanges adjusting operations ahead of the transition deadline.
A Wall Street Journal report said ESMA had privately urged regulators to reject Binance’s application over financial crime compliance concerns. Lynch pushed back, saying the report misrepresented how the exchange handled flagged accounts. She said Binance offboarded and reported those accounts to law enforcement as soon as the activity was identified, adding that key context was missing.
Lynch also rejected claims that Binance ignored sanctions risks or retaliated against compliance staff, calling the allegations baseless. The company has previously challenged similar reporting in court.
MiCA is expected to reshape the European crypto market. OKX Europe CEO Erald Ghoos estimates that nearly 80% of the EU’s roughly 3,000 registered crypto firms may not survive under the new framework. Swissborg’s Alex Fazel said more than 10 million users could be forced to migrate to MiCA-compliant platforms.
Regarding Greece, Lynch said Binance had completed most of the licensing process and expected approval in early June after being told in April that its application was complete. However, repeated delays led the firm to withdraw.
“We were told nothing material was outstanding,” she said.
Lynch highlighted Binance’s compliance efforts, noting it spends over $300 million annually and employs more than 1,500 compliance staff globally. She said the company worked closely with Greece’s Hellenic Capital Market Commission throughout the process.
She warned that excluding Binance from MiCA could weaken Europe’s crypto ecosystem, given the exchange’s role in providing liquidity and infrastructure. Regulation, she said, should strengthen the market rather than sideline major participants.
While declining to comment on speculation around political involvement, Lynch said Binance is focused on supporting users through the transition and preparing a new licensing strategy.
“We remain committed to Europe and to being regulated,” she said.
Despite recent challenges, Lynch described MiCA as a positive step that brings clarity and stronger consumer protections, signaling the industry’s continued maturation.
“The industry is here to stay and is becoming part of mainstream finance,” she said.
For now, Binance is prioritizing customer support while working toward re-entering the market.
“We’re not leaving Europe,” Lynch said. “This is a temporary setback, and we expect to return.”
