The world’s largest crypto exchange has recently faced significant regulatory challenges that could ultimately force it to stop serving clients in the European Union.

Earlier this month, Reuters reported that the company’s application through Greece’s Hellenic Capital Market Commission (HCMC) is expected to fall short: a development that may strip Binance of the license it needs to stay in the bloc after the June 30 deadline.

The firm assured that it remains fully committed to securing the necessary MiCA approval. Speaking on the matter was CEO Richard Teng, who said:

“Binance is dedicated to Europe. We are committed to our European users and to operating under a clear, fair, and harmonized MiCA framework. We are dedicated to securing our MiCA license and remain ready to operate under a fair, predictable, and genuinely harmonized European framework. We will continue to keep users updated as we make progress.”

Just recently, Reuters revealed that the exchange will make a fresh push for permission to operate in the EU. Gillian Lynch, Binance’s head of Europe and the ​United Kingdom, reportedly said that the firm “may just have a different pathway to being authorized,” adding that “if it is not Greece, I’m looking at other alternatives.”

According to the media, Binance has already held talks with regulators in Ireland, Latvia, and Greece but has been rejected in all three nations due to concerns such as the company’s past penalties for money laundering and its complex international structure.

Lynch said the exchange had contacted several regulators in the European Union but made only one application, to Greece. She is unaware why the Greek authorities refused approval, arguing that Binance has no outstanding issues related to the filing.

Source: CryptoPotato