Binance uses MiCA workaround to keep some EU customers: report Binance has continued serving and onboarding some European Union customers more than two months after missing the bloc’s MiCA licensing deadline, using regulatory provisions and offshore routing while it seeks authorization elsewhere. According to a Bloomberg report, the world’s largest crypto exchange has remained active in parts of the 27-member bloc despite withdrawing its Greek Markets in Crypto-Assets application in June and entering July without the authorization required for EU-wide operations. People familiar with the matter said Binance has relied partly on MiCA’s “reverse solicitation” provision, which permits certain services when customers approach an unlicensed crypto company on their own initiative instead of being targeted through marketing. Binance has interpreted the provision as allowing it to onboard new customers who independently seek out the platform, the people said. Trading for some EU-based customers has meanwhile been routed through a Binance entity in Abu Dhabi, where the business operates under a different regulatory framework, according to the report. The arrangements have allowed Binance to maintain part of its European business while pursuing MiCA authorization. Binance said in a statement that it follows regulations in jurisdictions where it operates and remains committed to doing business in the EU on a “long-term, compliant basis.” “We are actively working toward becoming MiCA-authorised and view this as an important step in providing users with a consistent, regulated, and trusted service across the European market,” the exchange said. Binance has kept some EU customers after the MiCA deadline Binance’s continued presence follows months of uncertainty over what would happen to its European operations after the July 1 licensing cutoff.#eu #esma #binance #christine_lagarde #miCA
