Binance Keeps EU Customers Despite Missing MiCA Deadline

Binance has continued operating in parts of the European Union despite missing its July 1 deadline to obtain MiCA licensing, which would have allowed it to provide services across the entire EU.

The exchange has used a combination of reverse solicitation and routing customer trades through an Abu Dhabi entity to maintain some EU business while pursuing authorization elsewhere.

Bloomberg reported that Binance relied on 'reverse solicitation', a provision in MiCA, which permits certain services when customers approach an unlicensed crypto company on their own initiative. This has allowed the exchange to onboard new customers who independently seek out the platform.

According to Kaiko data, Binance still controlled more than 45% of global spot trading volume in late August, and its euro trading share remained largely unchanged from before the MiCA deadline.