EU regulators investigate Binance for continuing to serve European customers without a license

EU regulators are investigating Binance, the world's largest cryptocurrency exchange, for continuing to serve European customers without a license under the new MiCA rules. Binance's license application was rejected, and it was ordered to wind down operations, but it has used a legal exemption called 'reverse solicitation' to keep serving customers. ESMA and national regulators in France, Germany, and Greece are examining this practice, which could lead to fines. Binance says it is working toward becoming MiCA-authorised.