A crypto licensing application submitted by the world’s largest exchange in the EU is expected to be rejected by Greece’s regulator, the Hellenic Capital Market Commission (HCMC), according to a Reuters report.

Binance could be barred from serving European customers if its Markets in Crypto-Assets (MiCA) authorization in Greece is ultimately rejected, Reuters reported on Tuesday.

The report, citing two people familiar with the matter, said the application—due for approval by the end of the month—is likely to be denied by the Greek financial watchdog.

Binance said it has spent the past 18 months pursuing MiCA approval, including a full review process with the HCMC in Greece.

“Our understanding is that the HCMC completed its review and considered the application compliant with MiCA requirements, and that it was also reviewed at ESMA level,” a Binance spokesperson told CoinDesk by email.

The spokesperson added that HCMC had informed ESMA that it viewed the application as compliant and intended to move forward with authorization at an upcoming board meeting.

Binance chose Greece as its MiCA jurisdiction after earlier speculation it might seek approval in Malta, where it previously had operations. The exchange also established a Greek holding company as part of the licensing process, according to local media reports.

The Hellenic Capital Market Commission has not yet responded publicly to requests for comment.