EU Regulators Probe Crypto Exchange Binance’s Use of Reverse Solicitation to Keep Serving Customers without MiCA License

European market supervisors are examining whether Binance is still providing crypto-asset services to customers in the European Union without the authorization the bloc’s new regime now requires.

Reporting by the FT says the European Securities and Markets Authority (ESMA) and national authorities in France, Germany and Greece are looking at the exchange’s reliance on “reverse solicitation.”

The issue sits at the centre of the Markets in Crypto-Assets Regulation. From 1 July 2026, firms offering crypto services in the EU were expected to hold a MiCA licence or to wind down.

Binance, the world’s largest crypto exchange, did not secure that authorization in time.

It withdrew an application in Greece in late June, shortly before the deadline, and earlier national permissions in countries including France, Spain and Poland lapsed as the single European framework took over.

Customers in several member states were told how to withdraw funds, and new activity was restricted in places where the firm no longer had a local footing.

Reverse solicitation is the narrow path the firm is said to be using where it no longer holds a local licence.

In outline, a company based outside the EU may deal with a European customer if that person approaches the firm entirely on their own initiative, without having been solicited.