Binance Founder CZ’s MiCA Admission: License Move in Europe Halted by Political Interference
Binance founder Changpeng Zhao (CZ) stated that the exchange’s MiCA license application in Greece was withdrawn due to political interference, despite meeting all requirements.
One of the most well-known figures in the cryptocurrency industry, Changpeng Zhao (CZ), shared significant details about Binance’s regulatory journey in Europe and complex market products during a broadcast. CZ made striking claims regarding why their efforts within the framework of the European Union’s Markets in Crypto-Assets (MiCA) regulation were disrupted.
Zhao stated that the license applications in Greece were very close to being approved, but the process was halted by the intervention of unnamed political forces. Emphasizing that this is a “lose-lose” scenario for both the exchange and the European region, the prominent figure said that Binance will continue its search for a license in another EU member state. This development, occurring ahead of the MiCA rules set to take effect on July 1, once again highlights the regulatory pressure in the industry.
Political Pressure in the MiCA Licensing Process
CZ made candid remarks not only about regulations but also about certain financial instruments in the market. Describing the STRC stock product offered by MicroStrategy as “overly complex,” Zhao admitted that he could not fully grasp its structure. While stating that he trusts Michael Saylor‘s integrity and passion for Bitcoin (BTC), he argued that volatility in the Bitcoin price poses a risk for such leveraged products.
Complex Financial Structures and Future Vision
Focusing on rehabilitation projects after his prison sentence, Zhao announced that he donated a total of $2 million to a foundation working for the education of inmates. CZ also touched upon his $500 million investment in Elon Musk’s X (Twitter) platform, expressing his expectation for the platform to transform into a global payment network in the future. These statements by Zhao demonstrate that he continues to act with a global vision and maintains his influence in the industry.