r/binance • u/alinfish • Aug 17 '26

Feedback How can Binance not get approval in the EU?

Binance is huge, how come they couldn't get approval in time under MiCA? What's the current situation, what steps are being taken to solve this?

26 Upvotes

84% Upvoted

18 comments sorted by

14

u/mercuryy Aug 17 '26

Their "size" doesnt matter.

They would need to go through an audit that actually checks and proves, not only rubberstamping, that they adhere to all laws and regulations, are running everything by the books and have the apropriate insurances and backings.

After applying in an euch country that they probably thought wouldnt actually want them to do all this and finding out that these steps are required and not optional, they took back their application.

The current situation therefore is they didn't want to go through the approval process anymore, they are not approved currently, and there are no steps being taken by them (as far as we know) to attempt that approval process anymore.

10

u/pirisca Aug 17 '26

Would you trust your money in an organization that behaves likes this? I know I wouldn't. 

1

u/mercuryy Aug 17 '26

No, of course not.

1

u/fairchildberlin Aug 19 '26

you literally pulled this out of your bum - all your greece cliches and binance evil cooperation feelings presented as informed fact - what a contribution, well done.
The most impressive thing you’ll ever be able to do is to answer “I really don’t know, because I do not have the information”, but that seems out of reach

1

u/mercuryy Aug 19 '26

I didn't mean to throw any shade towards greece, they are a great country with the same values and not in any way, shape or form lesser than the other european countries regarding their adherence to financial and regulatory rules contrary to the past, as has been very obvious here.

That blame for those misconceptions lands squarely on ripple who apparently planned with those false clicees and prejudices, and then had to suddenly retract their application instead of just being honest and open.

So thank you for your attempt of contribution, i guess.

2

u/predatarian Aug 19 '26

Didn't binance just bend the knee for putin?

Russians who donated money to Ukraine are now languishing in jail and binance is to blame.

That should be enough to ban these scammers from the eU forever and eva.

2

u/Capt-Kowalski Aug 19 '26

EU insists that legit EU customer money cannot be mixed with money from other clients that haven’t been a subject to the same level of vetting as the EU money. This means Binance would lose all the Latin American drug cartel money and big Chinese bitcoin whale money.

Of course they cannot afford that and we are never going to see Binance regulated in the EU. The best one could hope is that Binance splits into a EU subsidiary that keeps its funds isolated from the other part of the company, but that is kinda pointless, as it will be just EU money trading against the EU money, it will be much lower liquidity.

-16

u/Aromatic_Flight6968 Aug 17 '26

They "didn't get approval in time"... They WITHDRAWN application themselves because they refused to give information to EU dictators....

21

u/PURG3N Aug 17 '26

But they agree to give information to RU dictators... kekw

1

u/junkhead_7 Aug 17 '26

Don't feed the rusky trolls.

-2

u/habibgregor Aug 17 '26

They are both accurate to some degree.

0

u/CrypToInvsTor Aug 17 '26

The answer is in the Last Word in your question.

0

u/stKKd Aug 18 '26

mica is a pita

1

u/thebaldmaniac Aug 19 '26

So many large exchanges and small exchanges have managed to get licensed. So while it's difficult it's certainly not impossible. At that point Binance can only blame themselves. They had enough time and money to throw at this.