Binance, the global cryptocurrency exchange, has continued to operate in the European Union despite the July 1 deadline for MiCA (Markets in Crypto-Assets) licenses, after previously announcing it would exit the bloc. The exchange has employed several workarounds: some EU users have regained trading access through a “reverse solicitation” clause, while others have had their trades routed to Binance’s Abu Dhabi entity, which operates under different regulatory oversight.
European Central Bank President Christine Lagarde had intervened to push Binance to apply for a license, but the application was rejected. Binance has since withdrawn its license application in Greece. The European Securities and Markets Authority (ESMA) has sent a letter to Binance asking for confirmation of progress toward an orderly withdrawal from the EU market.
In response, Binance stated that it remains committed to achieving long-term compliance under the MiCA framework. Data indicates that Binance’s global spot trading volume share exceeds 45%, while its euro-denominated trading share remains around 3% to 4%, similar to prior levels.