Binance Faces EU Scrutiny Over Continued Operations
The world's largest cryptocurrency exchange, Binance, is facing scrutiny from EU officials over its continued operations in the region despite an order to wind down its business.
According to a report by the Financial Times, EU regulators are questioning Binance's use of a legal exemption called 'reverse solicitation' to continue serving customers in the EU.
Binance lost permission to offer services to European Union clients after its application under a new license regime was rejected earlier this year, threatening access for millions of users.
Under new EU rules, crypto companies were required to obtain a license by the end of June to continue operating across the bloc. Without a license, Binance would not qualify to continue operating in the EU from July.