EU Presses Binance Over ‘Reverse Solicitation’ Exemption for Users: Report

What happened

The exchange failed to secure a MiCA (the EU’s regulation for crypto markets) license this summer and should have begun winding down its EU business from July 1. Regulators are probing how the exchange keeps serving EU customers from Abu Dhabi, months after it lost its MiCA registrations.

Decrypt News Business EU Presses Binance Over ‘Reverse Solicitation’ Exemption for Users: Report Regulators are probing how the exchange keeps serving EU customers from Abu Dhabi, months after it lost its MiCA registrations. In brief ESMA and national regulators in France, Germany and Greece are looking at how Binance continues to serve EU users, the Financial Times reported. Binance is a cryptocurrency exchange and financial services company based in United Arab Emirates.

Regulators could impose fines if they are not satisfied with the response. European regulators are questioning how Binance continues to serve customers in the bloc months after failing to secure a license under its crypto rules, the Financial Times reported, citing people familiar with the matter. Some regulators have asked the company for information, and could move to enforcement, including fines, if they are not satisfied.