Binance Europe head says MiCA success hinges on regulated firm count

Gillian Lynch, Binance's Head of Europe, has stated that the success of the region's Markets in Crypto-Assets (MiCA) regulation should be judged not by the rules themselves but by how many operators it brings into the regulatory framework. According to CoinDesk, Lynch noted that while Binance withdrew its MiCA license application in Greece last week, she expects the next application process will not take long as the exchange has already undergone a significant part of the regulatory procedure. Regarding a Wall Street Journal (WSJ) report that the European Securities and Markets Authority (ESMA) had privately recommended rejecting Binance's application over financial crime compliance issues, Lynch countered that the newspaper misrepresented how the company identified and took action on the problematic accounts. She added that the accounts in question were closed immediately upon discovery and reported to law enforcement agencies. Lynch declined to comment on speculation of political interference in the license review delay but affirmed that Binance is not leaving Europe. She described the current situation as a hurdle and stated that the company will return to the market.