Bloomberg: Binance still operating in the EU through multiple channels after MiCA deadline

Bloomberg, citing people familiar with the matter, reported that Binance announced plans in June to exit the European Union, and many in the market expected the exchange to be forced out because it had not secured a Markets in Crypto-Assets (MiCA) license. Yet after the July 1 deadline passed, Binance is still maintaining operations in the bloc through several arrangements. The report said European Central Bank President Christine Lagarde personally intervened in a way that contributed to Binance’s application not being approved, and that the company has since withdrawn its license application in Greece. Users in six EU countries where Binance had local entities were previously told to move off the platform. Some later regained trading access under a reverse solicitation provision, while some EU user trades were routed to an Abu Dhabi entity subject to a different regulatory regime. The European Securities and Markets Authority has now sent a letter seeking confirmation on the progress of an orderly exit. Binance said it will work toward long-term compliant operations under the MiCA framework. Data cited in the report showed Binance still holds more than 45% of global spot trading volume, while euro-denominated trading accounts for about 3% to 4% of its activity, little changed from earlier levels.