Binance's euro-denominated trading accounts for approximately 1% of the exchange's global spot volume, according to data from CryptoQuant, as Greece's Hellenic Capital Market Commission is reportedly preparing to reject the exchange's license application ahead of the July 1 transitional deadline under the EU's Markets in Crypto-Assets (MiCA) regulation. The reported rejection, cited by Reuters from people familiar with the matter, would complicate Binance's ability to serve customers across all 27 EU member states under the MiCA framework. The limited euro exposure may cushion potential regulatory disruption, while competitors Kraken, Coinbase, and Bitvavo have already secured MiCA authorization with passporting rights across the bloc.
CryptoQuant Data Shows Binance Euro Volume at 1% of Global Spot Trading
CryptoQuant analyst Maartunn identified that Binance's daily euro-pair volume has generally ranged between US$100 million and US$250 million, with occasional spikes above US$600 million. "Binance's inflows remain globally distributed, which may limit the impact of potential MiCA-related setbacks," Maartunn stated. A December 2024 report from data firm Kaiko found that Binance, Bitvavo, Kraken, and Coinbase together accounted for more than 85% of all euro-denominated crypto trading volume.
Greece Reportedly Preparing to Reject Binance License Application
Greece's Hellenic Capital Market Commission is reportedly preparing to reject Binance's license application ahead of the July 1 transitional deadline, according to Reuters citing people familiar with the matter. Authorization in any single member state confers passporting rights across all 27 EU countries. The July 1 deadline marks the end of a transitional window during which exchanges could continue operating while their applications were assessed. A rejection in Greece would remove that operational cover.
Kraken, Coinbase, and Bitvavo Secure MiCA Authorization Ahead of Deadline
Kraken, Coinbase, and Bitvavo have already secured MiCA authorization and the passporting rights that accompany it. According to ESMA data cited by analyst Merlijn Geurds, only about 210 of more than 1,200 crypto-asset service providers have obtained full authorization under the MiCA framework.
FAQ
What percentage of Binance's global spot volume comes from euro-denominated trading?
Euro-denominated trading accounts for approximately 1% of Binance's global spot volume, according to data from CryptoQuant analyst Maartunn.
What is the July 1 deadline related to Binance's European operations?
July 1 marks the end of the MiCA transitional window during which crypto exchanges could continue operating while their license applications were assessed. Greece's Hellenic Capital Market Commission is reportedly preparing to reject Binance's application ahead of this deadline, according to Reuters citing people familiar with the matter.
Which competitors have already secured MiCA authorization?
Kraken, Coinbase, and Bitvavo have already secured MiCA authorization, which grants them passporting rights to operate across all 27 EU member states.
