Binance Stablecoin License Bid Rejected Amid Compliance Concerns

Binance's attempt to obtain a license to issue stablecoins as an e-money institution in Greece has been met with rejection by the Bank of Greece. The exchange had filed two applications, one with the central bank and another with the Hellenic Capital Market Committee. However, the central bank deemed the application for a stablecoin license did not comply with all provisions of the legislative and supervisory framework.

The rejection comes as Binance is already under scrutiny from European regulators following its guilty plea to breaching anti-money laundering rules in the US. The exchange was fined a record $4.3 billion and its CEO, Changpeng Zhao, was jailed for five months before being pardoned by US President Donald Trump.

The Bank of Greece denied any external pressure on the bank to reject Binance's application, stating that it simply applied the rules without receiving any advice or pressure from other authorities.