Binance Continues EU Onboarding Despite Expired MiCA Deadline

The European Union's deadline for crypto firms to secure a license under the Markets in Crypto-Assets regulation expired seven weeks ago, but Binance continues to onboard new customers across the bloc. Tests conducted by Sandmark found that users can still register and fund new accounts on the exchange in five EU countries without any warning about its lack of MiCA authorization.

Contrary to ESMA's instructions for unauthorized providers to stop taking on new clients, Binance has not implemented a wind-down plan. The exchange withdrew its MiCA license application in Greece but is pursuing authorization in another member state. Users contract with Binance Poland Sp. z o.o., an entity registered in Poland that operates as a virtual asset service provider.

Binance's EU compliance remains under scrutiny due to the regulatory gaps in the bloc. The exchange's absence from ESMA's register of authorized MiCA firms and its separate list of unauthorized providers raises questions about its operations. Binance has stated its dedication to obtaining MiCA authorization but did not explain why new accounts can still be opened and verified weeks after the deadline.