The world’s biggest cryptocurrency exchange is about to make one of its most important regulatory moves in Europe.
Binance has applied for a licence in Greece under the EU’s Markets in Crypto-Assets Regulation (MiCA). If approved by the Hellenic Capital Market Commission, that single licence could allow the company to serve customers across all 27 EU member states.
This may not sound like a big deal
But it signals where crypto regulation in Europe is heading.
Europe is building a single rulebook for crypto.
In about three weeks, the deadline arrives…tick tock
So what actually changes after 1 July?
1. AML rules apply for real
Before MiCA, just a few years ago, crypto companies faced different rules across the EU. Some countries had strict requirements, while others had very little to no regulation at all.
Now every licensed crypto company in the EU must
Verify who their customers are
Monitor transactions
Report suspicious activity to authorities
Apply the Travel Rule (we’ll get to that in a moment)
2. The Travel Rule applies to crypto transfers.
The Travel Rule is when money or crypto moves between two regulated companies, certain information has to travel with the transaction, like who is sending it, who is receiving it, account or wallet details.
Banks have followed this rule since 1996, now crypto companies do too.
In the EU, this is set out in the Transfer of Funds Regulation 2023/1113
3. AMLA starts supervising the biggest companies
The EU has also created Anti-Money Laundering Authority (AMLA), a new authority that will coordinate AML supervision across member states.
It started work on 1 July 2025 and is based in Frankfurt, Germany.
From January 2028, AMLA will directly supervise the biggest cross-border AML-regulated companies in the EU. Some of those will be major crypto exchanges, possibly including Binance.
On 1 July 2026, the MiCA transitional period ends across most of the European Union. Crypto firms that want to continue operating legally in the EU must now fully comply with the new regulatory framework.
For early careers learning AML, people transitioning, and businesses navigating AML regulation, this is one of the most important regulatory shifts take note of.
So, let’s break down why Binance chose Greece, and what it means for AML, crypto businesses, and the future of crypto regulation in Europe.
First what is MiCA?
MiCA is the EU’s first comprehensive law for crypto firms.
It entered into force in 2023 and applies fully from December 2024. It governs:
Crypto-asset service providers (CASPs): exchanges, wallets, custodians
Stablecoins: known in MiCA as asset-referenced tokens (ARTs) and e-money tokens (EMTs)
White paper requirements for new crypto offerings
Market abuse rules for crypto
Once a firm is authorised in one EU member state, it can offer services across all 27 EU countries through what is called passporting. One licence, one application, twenty-seven markets.
Crypto firms that were operating in the EU before MiCA fully applied, got a transitional period (extra time) to get their licence in order.
That transitional period ends 1 July 2026.
After that date, crypto firms without a MiCA licence cannot legally serve EU customers.
So why Greece?
Here’s the surprising part…
Not Germany, not France, not Netherlands. Binance chose Greece.
Germany has issued several MiCA licences, same as the Netherlands, Greece had not issued a single MiCA licence at the time Binance applied.
The answer is called passporting.
Think of MiCA like an EU passport for crypto companies. Once you get a licence in any one of the 27 EU countries, that licence works everywhere else in the EU.
You can serve customers in Germany, France, Italy, Spain, Ireland all 27 countries without needing 27 separate licences.
What this means if you run a business
Example: If you run a fintech app that allows customers to buy and store crypto, MiCA may affect how you operate, what licences you need, and the compliance controls you must have in place. That's why businesses across Europe should pay close attention to the new rules.
You might be thinking
“I don’t run a crypto exchange. Why should I care?”
Well you should, many businesses now interact with crypto in some form. You might accept crypto payments, integrate crypto services into your platform, offer wallet infrastructure, or provide services to crypto companies.
If that’s you, here are things that may be worth paying attention to
1. Find out where you stand under MiCA
Markets in Crypto-Assets Regulation (MiCA) is now the EU’s main rulebook for crypto businesses.
If your business provides crypto-related services, you need to understand whether you require authorisation and what obligations apply to you.
A good starting point is the financial regulator in the country where your business is registered. Most regulators have published guidance on MiCA and the application process.
What is more important is
Don’t assume MiCA only affects large crypto exchanges. Depending on your activities, it could affect your business too.
2. Compliance is now part of the business
Getting authorised under MiCA is not just about receiving permission to operate.
It also means putting systems and controls in place to help prevent money laundering and other financial crimes.
That may include:
Verifying customer identities (KYC)
Monitoring transactions for suspicious activity
Following Travel Rule requirements for crypto transfers
Maintaining compliance procedures and trained staff
Reporting suspicious activity when required
For many businesses, compliance is no longer a check box, it has become part of the business.
3. Regulation is becoming more coordinated across Europe
If your business is small and operates in one country, MiCA still applies, but supervision stays at national level.
If you grow into a cross-border operation across multiple EU countries, AMLA may eventually supervise you directly.
This means operating across multiple countries will increasingly come with more structured and coordinated oversight.
What more to know?
Three years ago, MiCA was just a proposal.
But now, crypto firms across Europe are applying for licences, regulators are reviewing applications, and a new EU anti-money laundering authority is preparing to begin its work.
Whether you’re a compliance professional, a business owner, or simply someone trying to understand how crypto is being regulated, one thing is for sure
The EU now has a much clearer framework for regulating crypto than it did a few years ago.
The goal is
let’s make it harder for criminals to misuse crypto while giving legitimate businesses clearer rules to follow.
The coming months will show how well that framework works in practice.
Official sources
MiCA can feel complicated when you first read it but this break down provides a practical understanding of the future of crypto regulation in Europe.
About AML covers regulatory developments like this every Monday and enforcement actions every Wednesday.
Written for early careers, people transitioning from a different field learning AML, and businesses navigating their AML obligations.
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Tosin
About AML