Binance Defies MiCA Deadline as EU Compliance Concerns Mount
The European Union's deadline for crypto firms to secure a license under the Markets in Crypto-Assets regulation, or MiCA, has passed. Yet Binance continues to onboard new customers across several EU countries without warning them about its lack of authorization under this regulation.
Independent tests by Sandmark found that Binance could still register, verify, and fund new accounts in five EU countries as of August 19, months after regulators instructed unauthorized platforms to stop taking on new clients. This has put Binance's EU compliance under fresh scrutiny.
The exchange withdrew its MiCA license application in Greece on June 24, just days before the Hellenic Capital Market Commission was expected to reject it. Binance is now pursuing authorization in another member state and claims it has not abandoned the European market.
Binance's absence from ESMA's register of authorized MiCA firms is a clear sign of its current status. As of August 20, ESMA listed 330 providers under MiCA, compared to 1,343 firms that had been operating across the European Economic Area before the transition period closed.