After Greece lost its application for a MiCA licence, it entered the countdown for EU operations. According to the current schedule, if the company cannot obtain authorization from other EU member states by 30 June 2026, it will not be able to continue to provide services to EU residents as of 1 July.

The Greek application was officially rejected.

The Greek Capital Markets Commission rejected the application for a MICA licence in coin-Anne. In January 2026, when the local subsidiary of Cheonan submitted its submission, Reuters quoted sources on 16 June that the regulator was prepared to reject the application.

Cheon-An had previously denied that. The company responded the following day in Reuters that the Greek regulatory body had completed its review and confirmed the accuracy of the material and had informed the European Securities and Markets Authority that it planned to approve the licence at its next meeting.

However, the final result remains the failure of the application. It was reported that, as of June 2026, the Greek Capital Market Commission had not issued a MiCA licence to any encryption company.

The European Union is facing a trade-off.

The MiCA transition period will end on 1 July. For encryption platforms, cross-border services within the region can be provided only with regulatory approval from member States.

This means that Cheonan’s previous local registrations in France, Italy, Spain, Poland, Sweden and Lithuania cannot continue to play an equal role under the MiCA system, nor can it directly support its free-marketing throughout the EU.

  • MiCA Transition End: 1 July 2026
  • Critical Mandate Deadline: 30 June 2026
  • Current rejected country: Greece

It says it'll stay in Europe.

Despite the failure of the first round of applications, it was not indicated that it would leave the EU market. The company stated that it would continue to comply with the MiCA rules and to seek operational arrangements within the EU legal framework.

Currency indicated that the current focus was on protecting the interests of retail customers and that users would be informed directly by 30 June of subsequent steps and options.

If approval is not possible in other European countries within the next few days, European users may turn to the platform where the MiCA registration has been completed. It was reported that competitors such as Coinbase, Kraken and Crypto.com had completed their compliance layout ahead of schedule and gained a pre-emptive advantage in the European market.