EU Probes Binance Over Unlicensed Crypto Operations in Europe

European Union officials are scrutinizing Binance Holdings Ltd.'s operations in Europe after it failed to obtain a license earlier this year. According to a report by the Financial Times, the inquiry comes weeks after Bloomberg News reported that Binance continued to onboard European customers under a 'reverse solicitation' provision.

This provision allows clients to independently seek out overseas financial providers, despite Binance's failure to secure a Markets in Crypto-Assets Regulation license in Greece. The EU officials are questioning Binance's actions and the implications of its continued operations on the continent.