Crypto exchanges 21.06: Binance pulls Greek bid

Sunday, 21 June 2026, passed quietly on the cryptocurrency market, but the most important story for the region became clearer. The world's largest cryptocurrency exchange, Binance, has withdrawn its MiCA licence application in Greece after several days of conflicting signals. This comes with only nine days left until the end of the European crypto regulation's transition period. On the market, Bitcoin continued to stabilise over the weekend around 63,000 to 65,000 dollars, while outflows from exchange-traded funds began to ease.

Binance withdraws its MiCA application in Greece

The most significant regulatory story of recent weeks has ended with an unexpected turn. After the news agency Reuters reported that Greece's Capital Market Commission was preparing to reject Binance's application, the exchange chose to withdraw the application itself. Binance had submitted its MiCA licence application to the Greek regulator on 23 January this year, hoping to obtain authorisation that would allow it to serve clients across all 27 European Union member states.

The application in Greece had caused disagreements among the authorities themselves. Some officials supported granting the licence, pointing to potential gains in employment and tax revenue, but the Bank of Greece, responsible for anti-money-laundering supervision, objected, fearing that supervising Binance would strain its resources. Binance publicly stressed that it remains fully committed to securing a MiCA licence and promised to inform European users about its next steps by 30 June.

Market: Bitcoin stabilises, ETF outflows shrink

The weekend was calm on the crypto market. Bitcoin, which had faced pressure in previous weeks, held on Sunday roughly within the 63,000 to 65,000 dollar range. Analysts describe this move as a classic oversold relief rally rather than a convincing change of trend. Market sentiment remains cautious, as the price stays well below the mid-May peaks, when Bitcoin briefly traded above 74,000 dollars.

The picture for fund flows is more encouraging. US spot Bitcoin funds had experienced record outflows at the start of June - more than 3.4 billion dollars were withdrawn in a single week, the largest amount since these products launched in 2024. However, the latest data shows the pressure is easing: weekly outflows have shrunk by roughly 87 percent, from a peak of 1.72 billion dollars at the start of June to around 226 million dollars in the most recent week. This points to a gradual subsiding of selling pressure. Ethereum funds still face greater pressure, with several weeks of negative flows.

The Baltics and the Nordics: nine days until the deadline

The transition period for the European crypto-assets regulation MiCA is nearing its end. From 1 July 2026, any service provider offering crypto-asset exchange, custody or other services in the European Union and the European Economic Area will need a full crypto-asset service provider, or CASP, licence. The European Securities and Markets Authority has previously confirmed that the deadline will not be extended.

The regional picture remains uneven. Estonia, historically one of the largest issuers of crypto licences under the old VASP system, has so far approved only a few full MiCA service providers under the new framework, because old licences are not converted automatically and companies must meet stricter requirements. In Latvia, the transition period ended back in late 2025, and Latvijas Banka is issuing CASP licences gradually. In Lithuania, supervision is handled by the Bank of Lithuania, which has also issued licences to several service providers.

In the Nordics, the picture is more concrete. In Norway, Firi, the region's largest cryptocurrency exchange with more than 400,000 users, received its MiCA licence from the Norwegian financial supervisory authority on 22 May, becoming one of the first trading platforms authorised under Article 63 of MiCA. In Finland, FIN-FSA-licensed Northcrypto obtained its licence back in November last year and has applied to expand it with trading services, while Coinmotion continues to operate as a locally licensed provider.

What Binance's exit means for users in the region

If Binance does not obtain a valid MiCA licence in another European Union member state by 30 June, from 1 July it will not be able to continue serving clients who live in the European Union. This would also apply to users in the Baltics and the Nordics. Binance's previous national registrations in countries such as France, Italy, Spain, Poland, Sweden and Lithuania are not equivalent to a MiCA licence and do not grant the right to operate across the entire European Union.

In practice, this means that regional users who use Binance should watch the exchange's official announcements closely in the coming days for how available services will change after 1 July. Those who want to keep trading without interruption may find it worth considering alternative providers already licensed in the region.

What to watch in the coming days

In the coming days, attention will focus on three things: Binance's promised announcement to European users by 30 June, any final licensing decisions by regional regulators before the transition period ends, and the market's reaction to macroeconomic signals. Investors who use Baltic or Nordic crypto exchanges are still advised to check their operator's MiCA licence status in the European CASP register or the national regulator's list before the transition deadline arrives.

Sources

• ESMA - Markets in Crypto-Assets Regulation (MiCA) overview
• Bank of Lithuania - Authorisation of crypto-asset service providers
• Latvijas Banka - Crypto-asset service providers
• Finanssivalvonta - Crypto-asset service providers (FIN-FSA)
• AML Intelligence - Binance pulls Greek MiCA bid as questions linger over approval process
• Cryptobriefing - Binance set to lose permission to operate in EU as Greece expected to reject MiCA license