Binance Faces Scrutiny Over Continuing Operations in the EU
European regulators are reportedly investigating Binance’s use of a legal exemption to keep doing business in the region. That’s according to a report Thursday (Oct. 1) by the Financial Times (FT), which says this exemption has allowed the world’s latest cryptocurrency exchange to remain in Europe despite being ordered to wind down its business after failing to obtain a […] The post Binance Faces…
European regulators are probing Binance's use of a legal loophole to continue operating within the region, according to a report by the Financial Times on October 1. The investigation centers around Binance's application of a "reverse solicitation" exemption, allowing the crypto exchange to offer services to EU customers without a proper license.
Since July 1, the European Union's Markets in Crypto Assets (MiCA) regulation has mandated that unlicensed crypto firms immediately cease their EU operations. Authorities in France, Germany, and Greece are among those scrutinizing Binance, requesting information and potentially imposing fines if the company fails to cooperate. Regulators are also examining other smaller firms under the same exemption.
Binance maintains it complies with all regulations and is actively working towards obtaining a MiCA license, emphasizing its commitment to providing a regulated and trustworthy service across the European market.
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