The world’s largest cryptocurrency exchange, Binance, is reportedly on the verge of losing its permission to serve clients across the European Union.

According to two sources familiar with the matter, the crypto giant’s application for a crucial operational licence is set to be turned down within weeks. This development could lock Binance out of the European market starting in July, News.Az reports, citing Reuters.

The setback comes amid the rollout of the EU’s strict new Markets in Crypto-Assets (MiCA) regulations. Under these new rules, cryptocurrency companies face a hard deadline at the end of June to secure a licence if they wish to continue operating legally throughout the…