Cryptocurrency exchange Binance has withdrawn its application for a license to operate in Europe.
Privately held Binance has pulled its application for a Markets in Crypto-Assets (MiCA) license in Greece. That Greek license would have enabled Binance to operate across the European Union (EU).
However, Binance says it plans to regroup and seek authorization in another European country. "Binance is not leaving Europe," said the company.
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Last week, Binance said its European operating license application was compliant despite reports that Greece planned to reject it.
Under European rules, crypto firms must obtain an operatinglicense from at least one EU member state by July 1 of this year to serve clients across the 27-nation trading bloc.
Unlicensed firms must wind down their European cryptoactivities after July 1.
Binance's withdrawal comes amid reports that Greek regulators planned to reject the application due to concerns about the crypto exchange's past legal issues and corporate structure.
Binance stated that user funds remain safe and that it will communicate directly with affected European users regarding changes to their accounts before the July 1 deadline.
Privately held Binance's stock does not trade on a public exchange.