Binance CEO Says MiCA Needs Consistent Enforcement to Succeed

The European Union's Markets in Crypto-Assets regulation is now fully in force, and Binance Chief Executive Officer Richard Teng said its success will depend less on the rulebook itself than on consistent and predictable enforcement.

In a CoinDesk op-ed published July 4, Teng called MiCA one of the most important regulatory projects in the history of the digital-asset industry. He wrote that the law must function not only as legislation, but as a properly harmonized single-market framework.

Teng pointed to Binance's recent withdrawal of its MiCA license application from the Hellenic Capital Market Commission, Greece's capital markets regulator. Binance submitted the application after months of consultations with authorities and believed it had met MiCA requirements. But because a final approval decision was not reached before the transition period ended, the company withdrew the application to avoid confusing users.

He added that the MiCA licensing process must be fair, transparent and predictable. Uncertainty in the approval process can affect not only individual companies, but also market competition, liquidity and investor confidence.

Teng said Binance is not giving up on either the European market or MiCA. The exchange will continue seeking a MiCA license through the proper process, he wrote.