Euro-denominated trading makes up only about 1% of Binance’s total spot volume, according to CryptoQuant analyst Maartunn, even as the world’s largest crypto exchange faces a potential licensing rejection in Europe ahead of the Markets in Crypto-Assets Regulation (MiCA) transitional deadline on July 1.
EUR Share Is Tiny But Still Substantial in Dollar Terms
Despite the small percentage, the absolute figures involved are significant. CryptoQuant data shows Binance’s daily EUR-pair volumes have ranged from roughly $100 million to $250 million in 2026, with occasional spikes above $600 million.
Maartunn told Cointelegraph that Binance’s globally distributed inflows could soften the blow of any MiCA-related setback: “Binance’s inflows remain globally distributed, which may limit the impact of potential MiCA-related setbacks,” the analyst said, pointing to the exchange’s diversified user base across regions.
Binance Facing Greek Regulator Rejection
The figures arrive as Greek regulators are reportedly preparing to reject Binance’s MiCA licensing application, a move that could complicate the exchange’s ability to serve European Union residents after July 1. Cointelegraph contacted Binance for comment on the size of its European business and the potential MiCA impact but had not received a response by publication time.
While Binance’s EUR share is small globally, the exchange remains one of Europe’s dominant platforms. A December 2024 report by Kaiko found that Binance, alongside Bitvavo, Kraken, and Coinbase, accounted for more than 85% of all euro-denominated crypto trading volume across the continent.
Unlike Binance, Bitvavo, Kraken, and Coinbase have already secured full MiCA authorisation, giving them access to the EU’s passporting regime, which allows licensed firms to operate across all 27 member states.
83% of CASPs Still Lack Full MiCA Authorization
Binance’s uncertain status is far from unique in the industry. Based on European Securities and Markets Authority (ESMA) data cited by market analyst Merlijn Geurds, only around 210 of more than 1,200 crypto asset service providers (CASPs) that operated under pre-MiCA registration regimes have obtained full authorisation under the new framework, meaning roughly 83% have yet to comply.
Geurds attributed the gap to the cost and complexity of meeting MiCA’s governance standards, compliance controls, and operational safeguards, which he said many smaller firms simply cannot afford. “The result is consolidation by design,” Geurds said. “A smaller group of well-capitalized, licensed players gets a passport to all 27 states, while a long tail faces forced migrations or cutoffs.”
The July 1 deadline marks the end of transitional periods under MiCA, after which unlicensed firms risk being barred from serving EU customers entirely.
