EU Regulators Question Binance’s Use of Reverse Solicitation After MiCA License Exit

Overview

• Binance withdrew its application for MiCA authorization through Greece on June 24 and entered July without an EU-wide licence, leaving it without the passporting rights the new regime requires.
• Regulators led by the European Securities and Markets Authority and national authorities have asked Binance for information as they probe whether the exchange improperly relied on the narrow Article 61 ‘reverse solicitation’ exemption.
• Independent tests reported in August found that new EU accounts could still be opened and deposits made on Binance in some countries more than seven weeks after the July 1 licence deadline, with access varying by member state.
• Binance says it is actively working toward MiCA authorisation and that it complies with rules where it operates, while authorities have warned that contractual wording alone does not satisfy the reverse solicitation conditions.
• ESMA has flagged reverse solicitation as a MiCA supervisory priority for 2027 and plans to build common risk indicators and reporting standards that could increase cross‑border enforcement and affect EU customers’ access to services.