Binance, the world’s largest cryptocurrency exchange, may be unable to serve customers in Europe if its regulatory license application in Greece is turned down, as Reuters reported on Tuesday.

Binance’s Markets in Crypto Assets (MiCA) license application, which has to be approved by a deadline at the end of this month, is going to be rejected by the Greek financial watchdog Hellenic Capital Market Commission (HCMC), according to the report, which cited two people familiar with the situation.

Binance said it has been pursuing a MiCA license over the past 18 months, including through a comprehensive application process with the HCMC in Greece.

“Our understanding is that the HCMC completed its review of the application and considered it…