EU Regulators Scrutinize Binance's Use of MiCA Reverse-Solicitation Exemption
Binance faces scrutiny from ESMA and regulators in France, Germany, and Greece over its use of the MiCA reverse-solicitation exemption to serve EU customers, while ESMA pushes for stronger enforcement powers.
Latest
- Escalation
Regulators in France, Germany and Greece are reportedly examining Binance's use of the MiCA reverse-solicitation exemption to serve EU customers, alongside ESMA; ESMA also called for stronger enforcement powers over non-EU firms.
- Escalation
EU regulators are reportedly pressing Binance over its continued European operations despite a wind-down order, raising compliance and market-access questions for the exchange in the region.
- Escalation
EU regulators and ESMA questioned Binance over not winding down as required, demanding proof it is genuinely liquidating its EU business; reports say Binance still serves EU users via reverse solicitation exemption and routing some trades to an Abu Dhabi entity.
- Escalation
European regulators are investigating whether Binance improperly relied on a MiCA exemption to continue offering services in the EU.
- Resolution
Greece has added its first four crypto firms to the EU's MiCA register while rejecting Binance's application, marking a national milestone in MiCA enforcement.
Background
Binance faces ongoing compliance challenges regarding its EU MiCA licensing, highlighting regulatory hurdles for the exchange in the European market.
References The CryptonomistBitcoin FoundationOneSafe.io Markets in Crypto-Assets - WikipediaCrypto-assets - Finance - European CommissionBinance Withdraws MiCA License Application in Greece... - Decrypt