Binance Defies EU MiCA Deadline, Maintains 45% Market Share

Binance continues to operate in the European Union despite missing its MiCA licensing deadline on July 1, 2026. The exchange withdrew its Greek application just days before the deadline, citing Reuters' report that the Hellenic Capital Market Commission was likely to reject it.

Binance has been using two workarounds to continue serving EU users: reverse solicitation exemption and routing some trades through a Binance entity based in Abu Dhabi. The European Securities and Markets Authority (ESMA) has pushed back on this interpretation, saying that reverse solicitation applies only when a customer initiates contact independently, not as a mechanism for an exchange to hold onto its user base.

The ACPR, France's banking regulator, had been conducting on-site inspections of Binance and other exchanges since 2024. These revealed deficiencies in anti-money-laundering safeguards, prompting the ACPR to require Binance to strengthen its controls. Meanwhile, Binance is pursuing a MiCA license through France's AMF.

Binance still controlled more than 45% of global spot trading volume in late August, despite lacking MiCA authorization. The exchange's sustained market position undercuts the narrative that it has been pushed out by regulators.