After Binance withdrew its application to obtain a MiCA license from Greek regulators, it sent notices reassuring customers about the safety of their assets, reporting that transfers and withdrawals were available where applicable, depending on user location and account status.
The European Securities and Markets Authority (ESMA) offered guidance mandating unauthorized firms to “take immediate steps to wind down their EU activities in an orderly manner, while also safeguarding clients’ interests and mitigating risks to market integrity.”
This includes stopping the onboarding of European clients, opening new accounts, marketing their services to EU users, and soliciting customers in the region by July 1.
Binance representatives reportedly told Sandmark that they haven’t given up on Europe and that they are still pursuing MiCA licensing in the region to operate “on a long-term, compliant basis.”
“Following the implementation of MiCA, we have taken steps to ensure that the availability of our products and services in Europe aligns with relevant legal and regulatory frameworks,” the exchange told Sandmark.
European regulators are already issuing MiCA penalties to exchanges. On August 14, the Austrian Financial Market Authority (FMA) hit Bitpanda with a 70K euros fine for notification and marketing violations.
