Binance EU compliance in doubt as onboarding continues 7 weeks past MiCA deadline
Seven weeks after the European Union’s deadline for crypto firms to secure a license under the Markets in Crypto-Assets regulation, Binance is still opening new accounts for customers across the bloc — a gap that has put Binance EU compliance under fresh scrutiny. Independent tests conducted by Sandmark found that the world’s largest cryptocurrency exchange by trading volume could still register, verify and fund new accounts in five EU countries as of 19 August, months after regulators told unauthorized platforms to stop taking on new clients.
Key takeaways
- Binance is still onboarding new EU customers seven weeks after the 1 July MiCA deadline, according to tests run by Sandmark on 19 August.
- Binance is not among the 330 providers listed on ESMA’s register of authorized MiCA firms as of 20 August.
- The exchange withdrew its MiCA license application in Greece on 24 June and is pursuing authorization in another member state.
- Belgian users contract with Binance Poland Sp. z o.o., an unauthorized entity, while funds move through Bahrain-based BPay Global and settle at JSC Pave Bank in Georgia.
- Austria’s financial regulator fined Bitpanda €70,000 on 14 August — the first enforcement action of its kind under MiCA.
Binance Continues EU Onboarding After MiCA Deadline
New Binance accounts can still be created and verified across several EU countries without any warning that the exchange lacks authorization under MiCA, according to tests carried out by Sandmark. That finding sits awkwardly next to the regulatory calendar: 1 July was the date by which unauthorized crypto firms were supposed to have stopped bringing in new European customers entirely.
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