The world’s largest cryptocurrency exchange, Binance, which manages approximately $44 billion in bitcoin on behalf of customers and serves roughly 300 million users worldwide, has selected Greece as the base for its European Union regulatory authorization, an unexpected move given the country’s limited track record in crypto licensing.
Speaking in Tokyo at the GFTN Forum, co-CEO Richard Teng confirmed that the company submitted its application last month in Greece under the European Union’s Markets in Crypto-Assets Regulation (MiCA) framework. The regulation requires crypto firms to obtain authorization by July 2026 in order to continue operating across the bloc.
Why Binance chose Greece
Greece has not yet issued any licenses under the European Union’s Markets in Crypto-Assets (MiCA) regulation, the bloc-wide framework establishing standardized rules for crypto firms operating across the EU. By comparison, Germany has approved 45 licenses and the Netherlands 22. Binance’s decision to bypass more established financial centers has raised questions about its strategic reasoning.
“The license is pretty standard throughout Europe, so we have to think through many other factors,” Teng said. He cited considerations such as talent availability, safety, and broader social and economic conditions. “Greece is where we think will be a good base for us to expand in Europe.”
Teng, who previously served as a financial regulator in Singapore and Abu Dhabi before becoming CEO in November 2023, has emphasized his goal of making Binance the “most regulated” cryptocurrency exchange globally. The company maintains its primary regulatory headquarters in Abu Dhabi.
Legacy legal challenges
Binance continues to navigate the aftermath of legal issues tied to its founder, Changpeng Zhao, widely known as CZ. Zhao pleaded guilty to violating US anti-money laundering laws, resulting in a nearly four-month prison sentence and a $4.3 billion corporate penalty.
Although Zhao remains a shareholder, Teng indicated that any potential return to a leadership role would require further clarification.
Scrutiny and compliance
Recent media reports alleged that internal investigators uncovered $1.7 billion in cryptocurrency transfers involving Iranian and Russian entities. The reports prompted US Senator Richard Blumenthal to initiate an inquiry. Teng rejected that characterization, stating that the investigators referenced in the reports were dismissed for violating internal data-handling protocols, not for identifying suspicious transactions.
“We do not serve residents of sanctioned countries,” Teng said, while acknowledging that the decentralized nature of blockchain transactions makes it impossible to eliminate all questionable flows entirely. In December, Binance appointed co-founder Yi He as co-CEO alongside Teng, describing the leadership restructuring as a natural evolution for the growing company. Teng said the two leaders bring complementary strengths as Binance continues to scale.
Market volatility and Binance’s expansion through Greece
Cryptocurrency markets have experienced significant volatility in recent months. Bitcoin has fallen roughly 50 percent from its October peak above $126,000. In response, Binance deployed $1 billion from its emergency reserves to purchase bitcoin in an effort to support market stability.
Teng acknowledged that retail investor confidence has weakened but said institutional capital continues to flow into the sector. By choosing Greece as its regulatory gateway to Europe, Binance is signaling a strategic pivot toward deeper compliance, positioning its long-term growth on institutional trust and regulatory alignment rather than rapid expansion alone.