Greece has joined the European Union’s official crypto regulatory framework for the first time, with four local providers now listed on the European Securities and Markets Authority’s (ESMA) Markets in Crypto-Assets (MiCA) register following Thursday’s update.
Greece enters MiCA framework
BCash, Xenios Blockchain Group, Capital Wallet Greece, and Piraeus Bank represent the first Greek entities recognized on the EU MiCA register. The register, maintained by ESMA, oversees crypto-asset service providers approved under the bloc’s unified regulations.
With these additions, MiCA’s registry now covers 359 unique crypto-asset service providers, including six new additions from Germany, France, and Slovenia. The rise in entries demonstrates the growing reach of the EU’s crypto regulation.
Piraeus Bank, one of the largest commercial lenders in Greece, secured its place on the list. The other three providers—BCash, Xenios Blockchain Group, and Capital Wallet Greece—are known for offering digital asset services and blockchain solutions in the country.
Mini dictionary: MiCA (Markets in Crypto-Assets) is the European Union’s comprehensive regulatory framework governing issuance and provision of crypto-asset services across member states. It aims to create a harmonized legal regime for the crypto industry within the EU.
Role of Greek financial regulators
Oversight in Greece is divided between the Hellenic Capital Market Commission (HCMC) and the country’s central bank. The HCMC is recognized as the responsible authority for the registrations of BCash, Xenios Blockchain Group, and Capital Wallet Greece. For Piraeus Bank, the Bank of Greece acts as the competent authority, reflecting its role in banking supervision.
This dual oversight stems from MiCA’s provision allowing EU member states to allocate regulatory responsibilities among multiple national authorities, depending on the types of crypto-asset services offered. Greece’s structure exemplifies this flexibility within the framework.
| Provider | Competent Authority |
|---|---|
| BCash | HCMC |
| Xenios Blockchain Group | HCMC |
| Capital Wallet Greece | HCMC |
| Piraeus Bank | Bank of Greece |
Binance’s application and political involvement claims
Binance, the world’s largest crypto exchange by trading volume, had previously sought authorization in Greece. Approval would have leveraged MiCA’s passporting system, enabling Binance to serve customers across the EU. However, Binance withdrew its application on June 24 before the HCMC issued a formal decision.
Reports published nearly three months later suggested that European Central Bank (ECB) President Christine Lagarde intervened in Binance’s application process. The Wall Street Journal cited unnamed Greek officials who claimed the HCMC initially planned to approve Binance but reversed course following pressure from the ECB.
However, the HCMC, Greece’s primary financial markets regulator, provided a firm denial to Cointelegraph regarding the allegations. In a written response, HCMC emphasized that no official made the reported remarks, nor was there any communication from Prime Minister Kyriakos Mitsotakis, his office, the Finance Ministry, or other government officials about the Binance application. The regulator extended this denial to any claims of direct engagement with ECB officials concerning Binance’s case.
“HCMC categorically rejects the assertions attributed to it. No HCMC official has had any communication with any ECB official on this matter, and none of the reported statements were made by HCMC or its officials.”
When questioned further, the HCMC confirmed its denial covered claims about a vice chair making statements directly to Binance.
Binance, for its part, declined to comment on the reported intervention but reaffirmed its plans to pursue MiCA authorization in the EU. The ECB also declined to provide a statement on the subject, and there was no reply from Mitsotakis’ office.
