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. Summary Binance continues serving some EU customers despite missing the July 1 MiCA licensing deadline and withdrawing its Greek application in June. The exchange has relied on reverse solicitation to onboard customers who approach it independently, while some EU trading has been routed through an Abu Dhabi entity. ESMA has sought confirmation that Binance is properly winding down its EU operations as the exchange works toward securing MiCA authorization elsewhere. Binance still controlled more than 45% of global spot trading volume in late August, while its euro trading share remained largely unchanged from before the MiCA deadline. 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 re...