Binance Under EU Regulatory Spotlight for Operating Without License

European Union regulators are scrutinizing Binance Holdings Ltd.'s operations in Europe after it failed to obtain a Markets in Crypto-Assets Regulation license in Greece. The Financial Times reported that Binance has been onboarding European customers under a 'reverse solicitation' provision, which allows clients to seek out overseas financial providers independently.

This practice is being investigated by the European Securities and Markets Authority, as well as regulators in France, Germany, and Greece. According to EU rules, unlicensed entities were required to begin winding down local businesses from July 1 this year.

Binance has stated that it complies with applicable regulatory requirements and is actively working towards becoming MiCA-authorized.