Binance CEO Warns MiCA’s Promise Hinges on Consistent EU Implementation

Binance chief executive Richard Teng has publicly warned that the European Union’s landmark crypto framework, MiCA, risks losing credibility if regulators fail to apply it consistently across member states. In an opinion column published by CoinDesk on July 4, Teng said the bloc “led on crypto regulation” by creating the first comprehensive rulebook for digital assets, but argued that “frameworks are only as strong as their implementation.”

The comments come days after Binance withdrew its MiCA license application with Greece’s Hellenic Capital Market Commission (HCMC). Teng said the exchange pulled the application “after careful consideration of the timeline of the Greek process, and with our users’ interests at the center.”

Greek withdrawal highlights authorization delays

According to Teng, Binance worked with the HCMC “constructively and in good faith” over several months and submitted what it understood to be a complete application deemed compliant with MiCA requirements. However, he said no formal decision was issued before the MiCA transition period ended, prompting Binance to withdraw rather than leave users in regulatory limbo.

Teng was careful to frame the episode as symptomatic of a wider structural issue rather than a dispute limited to one country or one company. He argued that for MiCA to function as intended, “authorisation processes must be fair, transparent, predictable and genuinely harmonised” across all EU jurisdictions.

He added that inconsistent implementation “can have consequences beyond individual firms,” potentially affecting competition, market liquidity and overall confidence, with users ultimately bearing the cost through reduced choice and access to regulated platforms.

Binance points to compliance spending as evidence of commitment

To underline its own regulatory posture, Teng cited figures showing Binance invests more than $300 million annually in compliance and employs over 1,500 people focused on regulatory compliance, legal oversight and financial crime prevention. He said the exchange’s internal systems have helped identify and block nearly $7 billion in potentially fraudulent transactions in cooperation with law enforcement and regulators globally.

Teng stressed that Binance is not exiting the European market despite the Greek withdrawal. “Europe remains an important market for Binance, and we remain committed to finding a constructive path forward through the proper channels, in good faith, with the relevant authorities,” he wrote, adding that the company looks forward to “announcing the authorisation of our MiCA licence in due course.”

Stakes for Europe’s digital asset ambitions

Teng framed MiCA as more than a legal milestone, describing digital assets as new financial infrastructure spanning faster settlement, cheaper payments, programmable products and greater market transparency. He argued that if Europe implements the framework well, it could set global standards and attract users, companies, investment and jobs.

Conversely, he warned that fragmented or unpredictable enforcement risks pushing that same activity — along with tax revenue — toward other jurisdictions. “Let’s hope that MiCA’s fragmented implementation will not lead to Europe squandering this opportunity,” he wrote.

Read more: UK’s New Crypto Rulebook Wins Praise, But Authorization Hurdles Loom

CoinDesk noted that the views expressed in Teng’s column are his own and do not necessarily reflect those of CoinDesk or its owners and affiliates.