TOKYO, Feb. 26 (GeokHub) — Binance has applied to operate in the European Union from Greece, citing the country’s labour pool and security profile as key advantages over larger financial centres, co-CEO Richard Teng said on Thursday.
The world’s largest cryptocurrency exchange, which holds roughly $44 billion in bitcoin in customer wallets, last month submitted its application under the EU’s Markets in Crypto-Assets Regulation (MiCA). Crypto firms must obtain a MiCA license by July 2026 to legally operate across the bloc.
Strategic Choice of Greece
Greece has not yet issued any MiCA licenses, compared with 45 in Germany and 22 in the Netherlands, making it an unconventional but strategic choice for Binance. Teng, a former regulator in Singapore and Abu Dhabi, told Reuters the decision considered not only regulatory requirements but also social factors, talent availability, and safety concerns.
“The license is pretty standard throughout Europe, so we have to think through many other factors, whether it’s social, whether it’s talent pool, safety and security issues,” Teng said at the GFTN Forum in Tokyo. “Greece is where we think will be a good base for us to expand in Europe.”
Teng emphasized that final approval rests with the EU, and Binance aims to be “the most regulated” crypto exchange globally.
Company Leadership and Oversight
Since taking the helm in November 2023, Teng has worked to strengthen Binance’s regulatory compliance following legal troubles involving founder Changpeng Zhao, who served a four-month prison term and paid a $4.3 billion fine for U.S. money-laundering violations before being pardoned by former President Donald Trump last year.
In December, Binance named co-founder Yi He as co-CEO alongside Teng. He described the leadership pairing as a “natural progression,” combining complementary strengths to guide the company amid volatile crypto markets.
