Binance, the world’s largest cryptocurrency exchange, is giving the Greek economy a vote of confidence by choosing Greece as its headquarters in Europe.
As it explains to Kathimerini, Greece’s competitive advantage over the major financial centers of Europe made it the preferred choice, and because it has a robust economy and a strong regulatory environment.
Binance, which controls bitcoins worth approximately $44 billion in its customers’ electronic wallets, submitted an application to Greece last month to operate in the European Union under the Markets in Cryptocurrency Regulation (MiCA).
“Greece contributes significantly to the EU economic framework, with an economy growing above the regional average and a strong regulatory environment that promotes financial stability, transparency and investor protection,” a Binance spokesperson told Kathimerini. Reuters reported that Binance co-CEO, Richard Teng, said in Tokyo on Thursday that Greece’s workforce and security profile also give it an advantage.
Greece has yet to issue any MiCA licenses, but according to Binance, granting them is quite common in Europe and therefore gives importance to many other factors, such as social, talent pool and security issues. “We believe Greece will be a good springboard to expand into Europe,” Teng noted. “We view MiCA as a positive and important milestone for the cryptocurrency industry, with greater regulatory clarity, stronger user protection and a clear framework for responsible innovation,” Binance told Kathimerini.
Greek authorities have begun to review Binance’s application. “As the new EU regulatory framework is taking shape, we welcome the opportunity to cooperate with the Greek Capital Markets Commission and look forward to contributing to the development of Europe’s digital financial ecosystem,” a Binance spokesperson told Kathimerini. Before applying, Binance set up a holding company in Greece last December, active in acquiring and managing stakes across the region and providing financial advisory services.
Market players tell Kathimerini Greece is on cryptocurrency giants’ radar to become their “home” in Europe for its stable political environment, which ensures that tax and legal rules do not change unexpectedly.