Binance Co-Chief Executive Officer Richard Teng stated that user assets remain secure as the cryptocurrency exchange continues its transition toward compliance with the European Union's Markets in Crypto-Assets (MiCA) regulation, according to a message published on social media platform X. Teng said affected users will retain access to withdrawal options after 1 July, and the company is contacting users directly with information about available next steps. The statement follows Binance's withdrawal last week of its MiCA license application in Greece, with the company confirming plans to seek authorization in another EU member state as European regulators implement the comprehensive regulatory framework designed to strengthen oversight of the cryptocurrency sector.
According to Teng's message, customer assets continue to be secure and users affected by the changes will retain access to previously announced options, including the ability to withdraw funds after 1 July. Binance confirmed that it is contacting affected users directly with information about available next steps, while account-related inquiries are being handled through official customer support channels. The company stated that its priority during the transition is to provide users with clear information and ensure operational continuity.
Binance Withdraws Greece MiCA License Application
Binance confirmed last week that it had withdrawn its MiCA license application in Greece, shortly before the EU's regulatory transition deadline. The company stated that it plans to seek authorization in another EU member state, although it has not yet disclosed the jurisdiction where the new application will be submitted.
Binance originally applied for a MiCA license with Greece's Hellenic Capital Market Commission in January 2026. According to the company, the Greek regulator completed its review and considered the application compliant before referring it to the European Securities and Markets Authority for additional assessment. However, no formal decision was ultimately issued on the application.
In a separate statement, Binance reaffirmed its commitment to operating under the MiCA framework, describing Europe as a strategically important market. The company said it continues to support the objective of establishing a harmonized regulatory environment for crypto assets across the European Union and expressed confidence that it will obtain authorization in another EU member state in the coming months.
MiCA Framework Requires Single EU Member State Authorization
The developments come as European regulators continue implementing MiCA, a comprehensive regulatory framework designed to strengthen oversight of the cryptocurrency sector. The legislation requires crypto asset service providers to obtain authorization from the regulator of an individual EU member state. Once licensed, companies can use the authorization to offer services across all 27 EU countries under a passporting regime. European authorities have argued that the framework is intended to improve investor protection and reduce potential risks associated with the rapidly expanding digital asset industry.
FAQ
What did Richard Teng say about Binance user assets during the MiCA transition?
Richard Teng, Binance Co-Chief Executive Officer, stated in a message published on social media platform X that user assets remain safe and secure. He said affected users will continue to have access to previously announced options, including the ability to withdraw funds after 1 July, and that the company is contacting affected users directly with information about available next steps.
Why did Binance withdraw its MiCA license application in Greece?
Binance confirmed last week that it had withdrawn its MiCA license application in Greece shortly before the EU's regulatory transition deadline. The company stated that it plans to seek authorization in another EU member state, although it has not disclosed the jurisdiction where the new application will be submitted. Binance originally applied for a MiCA license with Greece's Hellenic Capital Market Commission in January 2026, and the Greek regulator completed its review and considered the application compliant before referring it to the European Securities and Markets Authority, but no formal decision was ultimately issued.
How does the MiCA framework regulate cryptocurrency exchanges in the European Union?
The Markets in Crypto-Assets (MiCA) regulation requires crypto asset service providers to obtain authorization from the regulator of an individual EU member state. Once licensed, companies can use the authorization to offer services across all 27 EU countries under a passporting regime. European authorities have argued that the framework is intended to improve investor protection and reduce potential risks associated with the digital asset industry.
