Crypto exchange Binance says it remains committed to operating in the European Union and is exploring alternative pathways to secure regulatory approval after its initial licensing effort failed.
Gillian Lynch, Binance’s Head of Europe and the United Kingdom, said the company has no plans to exit the European market despite a setback in its bid to obtain authorisation under the EU’s new crypto licensing framework.
“Binance is not leaving Europe,” Lynch said.
“We may just have a different pathway to being authorised. If it is not Greece, I’m looking at other alternatives.”
The company had sought approval in Greece to continue offering services such as cryptocurrency trading across the European Union, but the application was unsuccessful.
The development places pressure on Binance, which has just one week to secure the required licence before its existing permission to operate in Europe expires.
Failure to obtain approval could force the company to significantly scale back or suspend operations within the bloc.
Sources familiar with the process said Binance had also engaged regulators in Ireland and Latvia, in addition to Greece, but encountered resistance in all three jurisdictions.
According to the sources, concerns raised by regulators included the company’s previous penalties related to money laundering, its complex global structure and what officials viewed as a risk-taking corporate culture.
Authorities in the three countries either declined to comment or did not respond to requests for comment.
The efforts highlight the challenges Binance has faced in securing approval under Europe’s evolving regulatory framework despite being one of the world’s largest cryptocurrency exchanges.
Lynch said the company had not been informed of the specific reasons behind the rejection of its Greek application and had previously believed approval was likely.
She added that Binance had engaged with four or five regulators across Europe, although only one formal application was submitted.
Responding to concerns about the company’s regulatory history, Lynch said Binance had significantly strengthened its compliance systems and internal controls.
According to her, the exchange employs about 1,500 compliance personnel and has no outstanding issues directly linked to its licence application.
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