Foreign media: Gillian Lynch, European director of Binance, responded that the company would not exit the European market and would continue to seek a permit in the European Union. At the same time, she denied some of the media reports on corporate compliance.
MiCA application blocked.
Binance had previously withdrawn its MiCA licence application in Greece. The company claims that the application process was affected by delays and regulatory uncertainty, which led to the suspension of some services and the cessation of new registrations for EU users.
Lynch states that the application of Binance in Greece has completed most of the regulatory process. She stated that the company had been expected to obtain approval in early June, but that there had been several subsequent postponements of the Board ' s meetings, which had resulted in a decision to withdraw the application.
Disputes focused on compliance and regulatory judgement
Lynch contradicts the Wall Street Journal report. She stated that the report did not accurately describe the account identification, review and processing process. She also indicated that the accounts had been discovered and removed from the platform and reported to law enforcement agencies.
At the same time, she denied the company's claim that it ignored the risk of sanctions or retaliated against compliance officials, claiming that the allegations were “totally false”. Binance had also previously filed a similar case against the Wall Street Journal.
Binance says he'll continue.
Lynch stated that Binance had invested considerable resources in compliance. She stated that the company invests more than $300 million per year in compliance and more than 1,500 compliance workers globally.
She added that MiCA should measure its effectiveness by “how many companies are included in the regulatory system”, rather than looking only at the rules themselves. In her view, the European encryption market required mobility and infrastructure, and regulation should drive industries to remain in the system rather than exclude companies.
Additional information:The tradesmen cited by CoinDesk stated that a large number of virtual asset service providers in the EU might face a reshuffle after MiCA landed.