EU Presses Binance Over ‘Reverse Solicitation’ Exemption for Users: Report
European regulators are scrutinizing how Binance continues serving EU customers after failing to secure a MiCA license. ESMA and national watchdogs in France, Germany, Greece, and elsewhere are reviewing Binance’s use of “reverse solicitation,” the narrow exemption for services requested entirely by the client. Regulators have asked for information and may pursue enforcement or fines if the justification is not credible. Under MiCA, unlicensed firms were expected to wind down EU operations from July 1, serving existing customers only to help them transfer or liquidate assets. ESMA has said the exemption cannot be used to bypass MiCA, and disclaimers cannot override facts. Binance says it is complying with applicable rules and working toward MiCA authorization.
