Binance Says It Won't Exit Europe, Will Seek Other EU Operating Licenses

BlockBeats News, June 24th: According to Reuters, Binance's head for Europe and the UK, Gillian Lynch, stated that despite its setback in applying for an EU crypto operating license in Greece, Binance still plans to stay in the EU and will seek to reapply for local operating permits. Lynch said, "Binance will not leave Europe." She mentioned that Binance may just need to obtain authorization through a different path, and if not Greece, the company will look for other alternatives. With only a week left until its existing European operating license expires, if a new license is not obtained, Binance may need to gradually close its EU operations.

Two sources stated that Binance had engaged with regulatory bodies in Ireland, Latvia, and Greece, but faced resistance in all three countries. The sources mentioned that regulatory officials are concerned about Binance's past money laundering penalties, complex international structure, and what they perceive as a risk-taking culture.

Lynch stated that Binance is unsure why it was not approved, as they had believed the Greek regulator was planning to grant the license. She also mentioned that Binance has been in contact with four to five regulatory bodies but only formally applied in Greece. Regarding Binance's past issues, Lynch stated that the company has invested in compliance and internal controls, employs around 1500 compliance personnel, and claimed that there are no unresolved issues in its license application.