Richard Teng On MiCA Transition: Binance User Assets Remain Safe, Withdrawals To Continue After July 1
Cryptocurrency trade Binance is constant its transition towards compliance with the European Union’s Markets in Crypto-Assets (MiCA) regulation, in response to an announcement from the cryptocurrency trade’s Co-Chief Executive Officer, Richard Teng.
In a message printed on the social media platform X, Teng said that the corporate stays targeted on supporting customers all through the regulatory transition. He mentioned buyer belongings proceed to be safe and that customers affected by the adjustments will retain entry to beforehand introduced choices, together with the flexibility to withdraw funds after 1 July.
Binance additionally confirmed that it’s contacting affected customers immediately with details about the obtainable subsequent steps, whereas account-related inquiries are being dealt with by way of official buyer assist channels. According to the corporate, its precedence through the transition is to supply customers with clear info and guarantee operational continuity.
Regulatory Shift Drives Licensing Strategy
The developments come as European regulators proceed implementing MiCA, a complete regulatory framework designed to strengthen oversight of the cryptocurrency sector. The laws requires crypto asset service suppliers to acquire authorization from the regulator of a person EU member state. Once licensed, corporations can use the authorization to supply companies throughout all 27 EU nations underneath a passporting regime. European authorities have argued that the framework is meant to enhance investor safety and cut back potential dangers related to the quickly increasing digital asset business.
Last week, Binance confirmed it had withdrawn its MiCA license utility in Greece, shortly earlier than the EU’s regulatory transition deadline. The firm said that it plans to hunt authorization in one other EU member state, though it has not but disclosed the jurisdiction the place the brand new utility can be submitted.
Binance initially utilized for a MiCA license with Greece’s Hellenic Capital Market Commission in January 2026. According to the corporate, the Greek regulator accomplished its evaluate and regarded the applying compliant earlier than referring it to the European Securities and Markets Authority for extra evaluation. However, no formal determination was finally issued on the applying.
In a separate assertion, Binance reaffirmed its dedication to working underneath the MiCA framework, describing Europe as a strategically necessary market. The firm mentioned it continues to assist the target of creating a harmonized regulatory surroundings for crypto belongings throughout the European Union and expressed confidence that it’ll receive authorization in one other EU member state within the coming months.
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