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European Union regulators are investigating whether Binance has continued to provide services by using the reverse solicitation exemption for offshore customer requests after failing to secure an EU Markets in Crypto-Assets license and having to scale back its regional business, the Financial Times reported.
Under EU rules, crypto asset service providers that did not obtain a MiCA license were required from July 1 to immediately reduce operations in the bloc and halt services except those intended to support customers’ crypto transfers or sales. The European Securities and Markets Authority and regulators in France, Germany and Greece have requested related materials from Binance, according to the report. If regulators reject Binance’s explanation, penalties including fines could follow. Binance said it is complying with regulatory requirements in each jurisdiction where it operates and is continuously reviewing its services and products in line with those obligations. The exchange added it is making active efforts to obtain a MiCA license.