Binance Pulled Its EU Licence Bid and Is Now Chasing Five More Licences in Asia

The world's largest crypto exchange has hit a wall in Europe and is redirecting its energy toward Asia. Binance withdrew its licence application under the European Union's Markets in Crypto-Assets Regulation in Greece on June 24, 2026, after reports that Greek regulators were planning to reject the bid. Co-chief executive Richard Teng now says other European regulators have invited Binance to apply through their regimes, while the exchange accelerates a broader licensing push across Asia.

What happened in Europe

Speaking at the Reuters NEXT Asia conference in Singapore on July 9, Teng described the Greek outcome as a surprise. According to Reuters via The Star, he said it caught the company off guard because Binance had submitted what it believed was a fully compliant application and regulators had indicated it would be approved, leaving the exchange unsure why approval kept being delayed.

The decision to withdraw rather than wait for a rejection was strategic. According to Reuters, Teng said Binance pulled the filing to prevent EU users from facing a short transitional period. The timing was tight. According to Cointelegraph, after the bloc's transition period expired on July 1, the European Securities and Markets Authority said crypto firms must serve EU clients through a MiCA-authorised entity, with limited exceptions for unsolicited cross-border business.

Binance says it is not giving up on Europe. Teng told Reuters the company remains in close talks with regulators that invited it to apply to their regimes, though he declined to name them while discussions continue.

Competitors are already capitalising

The gap has not gone unnoticed by rivals. According to Cointelegraph, the MiCA transition intensified competition among exchanges that already hold licences, and OKX said its app downloads rose 158 percent between June 24 and July 5, citing Sensor Tower data. That is a direct measure of how quickly users move when a major competitor's regulatory status becomes uncertain.

The Asia strategy

While Europe stalls, Asia is where Binance is putting its effort. According to Fintech News Singapore, the exchange's latest regional move includes the Philippines, where Binance has partnered with local fintech firm Blockshoals Technologies. Cointelegraph reported that this partnership marks Binance's re-entry into the Philippine market after regulators moved to restrict access to the exchange in 2024.

Teng framed the regional footprint plainly. According to Cointelegraph, he said Binance has deployed in many places in Asia now, from Japan to Korea to Thailand, Indonesia and Australia, had just announced the Philippines, and that a few more are coming. Earlier in the year, Nikkei Asia reporting summarised by TheNewsCrypto indicated Binance was targeting five additional Asian licences in 2026, which would take its total licensed jurisdictions past 20 worldwide.

Teng also pointed to institutional momentum, telling Reuters that Binance recorded a 9 percent increase in institutional clients onboarded this year, against a 7 percent increase in overall new customers.

Binance submitted what it believed was a fully compliant application and still walked away. In crypto, a licence is never guaranteed until it is issued.

What this reveals about crypto regulation

The episode is a useful lesson for any crypto business planning international expansion. Regulation is jurisdiction by jurisdiction, approval is never assured no matter how compliant a filing appears, and a setback in one region can force a wholesale strategic pivot. It also shows that Asia has become the more welcoming environment for large exchanges willing to work within local frameworks, with Japan, Korea, Thailand, Indonesia, Australia and now the Philippines all part of Binance's regulated map.

For crypto and financial brands operating across the region, the takeaway is that regulatory standing is the product. This is where SpinDepth helps, guiding brands to build credible, compliant, well-communicated presence across Asia's fast-changing regulatory landscape.

FAQs

Q1: Why did Binance withdraw its MiCA application?

A1: It withdrew the Greek application on June 24, 2026 after reports regulators planned to reject it, and to prevent EU users facing a short transitional period, according to Reuters and Cointelegraph.

Q2: Is Binance leaving the EU?

A2: No. Co-CEO Richard Teng said Binance remains in close talks with EU regulators and other member states have invited it to apply, though he declined to name them.

Q3: Where is Binance expanding in Asia?

A3: It cites deployments across Japan, Korea, Thailand, Indonesia and Australia, and has re-entered the Philippines through a partnership with Blockshoals Technologies, with more approvals expected.

Q4: Who benefited from the MiCA disruption?

A4: OKX reported a 158 percent rise in app downloads between June 24 and July 5, citing Sensor Tower data, according to Cointelegraph.

For brands in crypto, Binance's experience shows licensing is the battleground, and that is exactly where SpinDepth helps brands show up.

Source:

Source 1: Reuters via The Star, Binance maintains commitment to EU, seeking more licences in Asia

Source 2: Cointelegraph, Regulators invited Binance to seek new licenses after MiCA setback

Source 3: Fintech News Singapore, Binance Keeps EU Plans Alive While Pursuing More Asia Licences

Source 4: Free Malaysia Today, Binance maintains commitment to EU, seeking more licences in Asia