OKX Raise Doubts on Binance’s Regulatory Arbitrage Games Citing Similar Incident in 2022
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Binance’s application for an EU-wide MiCA license via Greece has failed, leaving the exchange with a June 30 deadline to secure alternative authorization or begin winding down services. Binance says it will remain in Europe and is exploring other routes, while OKX founder Star Xu warned regulators will judge compliance outcomes not staffing, underscoring regulatory and compliance risk, potential market access disruption, and broader implications for crypto exchanges and DeFi/CEX operations.
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- Binance’s application for an EU-wide MiCA license through Greece has failed.
- The exchange has until June 30 to secure authorization or begin winding down services.
- OKX founder Star Xu said regulators will judge compliance outcomes, not staffing levels alone.
Binance has pledged to remain in Europe after its attempt to secure an EU-wide operating license through Greece fell apart, leaving the world’s largest crypto exchange with little time to establish another legal route into the bloc.
Gillian Lynch, Binance’s head of Europe and the United Kingdom, said the company was examining other authorization options and would not abandon the market. Under the European Union’s Markets in Crypto-Assets framework, firms must hold approval from one national regulator before serving customers across all 27 member states.
Star Xu Questions Compliance Culture
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