Binance Defies Deadline, Continues Operating in EU Through Regulatory Loopholes
Binance, the world's largest cryptocurrency exchange, has continued operating in the European Union (EU) despite announcing it would leave on July 1. The exchange had informed its users across multiple EU countries that it would cease accepting new registrations and full services from that date forward.
However, as of September 4, Binance was still onboarded new clients and continued to operate in the region through regulatory workarounds. This has raised questions about the effectiveness of the Markets in Crypto-Assets (MiCA) framework, which was designed to regulate cryptocurrency activities within the EU.
The MiCA license application was withdrawn by Binance in Greece on June 24 due to anticipation of an outright rejection from the Hellenic Capital Market Commission. The company had announced its intention to secure a MiCA license in another EU member state, with France being the rumored destination.