Binance, the world’s biggest cryptocurrency exchange, has applied for European Union licensing in Greece rather than established financial hubs. Co-CEO Richard Teng cited Greece’s workforce quality and security advantages as key factors in the decision.
The world’s largest cryptocurrency exchange has chosen an unexpected European base for its regulatory operations, according to company leadership speaking from Tokyo this week.
Binance co-CEO Richard Teng announced Thursday that his company selected Greece over major financial centers when applying for European Union authorization. The exchange, which manages approximately $44 billion in bitcoin through customer accounts, submitted its application in Greece last month to comply with the EU’s Markets in Crypto-Assets Regulation framework.
The decision stands out as unconventional, given that Greece has not yet issued any MiCA licenses, while Germany has approved 45 and the Netherlands has granted 22, according to regulatory data. Cryptocurrency firms must secure MiCA licensing by July 2026 to continue European operations.
“The license is pretty standard throughout Europe, so we have to think through many other factors, whether it’s social, whether it’s talent pool, safety and security issues,” Teng explained during the GFTN Forum. “Greece is where we think will be a good base for us to expand in Europe.”
Teng, who previously worked as a regulator in Singapore and Abu Dhabi before assuming leadership in November 2023, has prioritized making Binance the “most regulated” cryptocurrency exchange globally. The platform serves roughly 300 million users worldwide and maintains its primary regulatory headquarters in Abu Dhabi.
The company has faced significant challenges under previous leadership. Binance founder Changpeng Zhao, commonly called CZ, admitted guilt to violating U.S. anti-money laundering regulations, leading to nearly four months in prison and a $4.3 billion penalty. Zhao received a presidential pardon from Donald Trump and continues as a shareholder, though Teng said the founder would need to address questions about any potential company return.
Recent investigations have brought renewed scrutiny to Binance operations. Media reports indicated that internal investigators discovered evidence of $1.7 billion in cryptocurrency transfers involving Iranian and Russian entities, prompting Connecticut Senator Richard Blumenthal to launch an inquiry.
Teng disputed these characterizations, calling the reports misleading. He stated that the investigators referenced in the stories were dismissed for violating data-handling protocols, not for discovering questionable transactions.
“We do not serve residents of sanctioned countries,” Teng declared, while acknowledging that completely preventing suspicious blockchain transactions remains impossible.
In December, Binance appointed Yi He as co-CEO alongside Teng. Yi He co-founded the exchange and was formerly in a long-term relationship with Zhao. Teng described the leadership change as a “natural progression” for the expanding company, noting that he and Yi He possess “complementary strengths.”
Cryptocurrency markets have experienced significant volatility recently, with bitcoin declining roughly 50% from its October peak of over $126,000. Binance deployed $1 billion from emergency reserves to purchase bitcoin and support its market value.
According to Teng, individual investor confidence in cryptocurrency has diminished, but professional and institutional investment flows remain steady.
“The smart money, the institutional money, the long-term money still continues to invest,” he noted.