OKX CEO Star Xu has publicly challenged Binance founder Changpeng Zhao’s feedback relating to the alternate’s unsuccessful try and get hold of a Markets in Crypto-Belongings (MiCA) license in Greece, because the European Union prepares to totally implement its MiCA regulatory framework on July 1.
The alternate between the 2 executives comes at a major second for the European crypto trade, with crypto asset service suppliers required to function underneath MiCA authorization to proceed providing regulated companies throughout the European Financial Space (EEA).
Star Xu Questions Binance’s Place on MiCA Licensing
Changpeng Zhao, broadly often known as CZ, mentioned Binance’s MiCA utility in Greece had been absolutely compliant and was reportedly near approval earlier than what he described as “different forces” prevented the method from shifting ahead. Following the withdrawal of its Greek utility final week, Binance introduced that it intends to pursue authorization in one other European Union member state.
What an enormous loss? A loss for whom—European regulators or the individuals of Europe? What precisely did Europeans lose? One other October 11?
In keeping with public studies, the corporate didn’t reveal that its AML, sanctions compliance, and market integrity applications are efficient, and… https://t.co/H4zlUweOMo
— Star_OKX (@star_okx) June 29, 2026
Responding on X, Star Xu questioned Zhao’s characterization of the result as “a loss for Europe.” He requested:
“What an enormous loss? A loss for whom-European regulators or the individuals of Europe?”
Xu mentioned publicly obtainable studies steered Binance had not demonstrated that its anti-money laundering controls, sanctions compliance measures, and market integrity applications met regulatory expectations. He added that the alternate ought to as a substitute study the the reason why it didn’t obtain regulatory approval.
He additional acknowledged that portraying Europe because the loser following the appliance’s withdrawal raised broader questions in regards to the firm’s method to monetary regulation and the rule of legislation.
An increasing number of exchanges are selecting to adjust to MiCA and serve EEA customers via licensed EU entities.
In keeping with public studies, Binance continues to serve customers in most of EEA international locations via offshore entities. If that’s correct, it raises essential questions on… https://t.co/UXRf1sccZc
— Star_OKX (@star_okx) June 29, 2026
In a separate submit, Xu mentioned an rising variety of crypto exchanges are selecting to adjust to MiCA by serving EEA clients via licensed European entities. He additionally acknowledged that if public studies claiming Binance continues to serve customers in most EEA international locations via offshore entities are correct, they’d elevate extra regulatory questions.
Later, Xu described Binance’s public messaging as one other instance of “deceptive the general public via false or deceptive statements,” responding to criticism surrounding how the MiCA withdrawal had been offered.
Binance Says It Was Near Approval
Throughout an interview, Zhao mentioned two European Union international locations had expressed curiosity in internet hosting Binance’s MiCA utility and described the licensing discussions as involving a “backwards and forwards” between jurisdictions.
He mentioned there had been competitors between two EU member states relating to Binance’s utility earlier than claiming that exterior opposition in the end prevented approval.
Zhao additionally addressed on-line claims suggesting European Central Financial institution President Christine Lagarde influenced the licensing resolution. He mentioned he had seen such studies circulating however had no paperwork or direct proof supporting these claims.
Binance co-CEO Richard Teng has reiterated that the corporate stays dedicated to securing a MiCA license within the coming months. The alternate has additionally acknowledged that buyer property will stay accessible whereas it adjusts companies for European customers through the regulatory transition.
July 1 MiCA Deadline Marks Key Regulatory Milestone
The general public disagreement comes simply earlier than the European Union’s July 1 MiCA implementation deadline, when crypto corporations working with out authorization should cease providing sure regulated crypto companies until they obtain approval from a member state’s regulator.
Underneath MiCA, licensed crypto asset service suppliers can use passporting rights to legally supply companies throughout all EU member states after acquiring authorization in a single jurisdiction. The framework is designed to create a unified regulatory regime for the European crypto market.
In keeping with the most recent obtainable figures, regulators had authorised 244 MiCA licenses as of Monday. Germany led all member states with 57 approvals, whereas Greece, Hungary, Poland, Portugal, and Romania had not but issued any MiCA licenses.
The approaching regulatory deadline is predicted to speed up licensing efforts amongst crypto exchanges searching for uninterrupted entry to European markets underneath the bloc’s new regulatory framework.
Just lately, Spain confirmed there will probably be no extension to the July 1 MiCA deadline, requiring unlicensed crypto corporations to halt regulated companies. The choice reinforces the EU’s MiCA rollout as corporations race to safe regulatory approval.
