Cryptocurrency exchange Binance is reportedly continuing to onboard new users within the European Union, despite the entry into effect of the Markets in Crypto Assets (MiCA) framework on July 1. According to findings from the crypto analysis platform Sandmark, staff members were able to successfully open and verify accounts from multiple EU nations.
The Sandmark report states that accounts were registered and verified on August 19 from countries including Austria, France, Germany, Spain, and Belgium, both with and without the use of virtual private networks. Testing showed that fully verified accounts faced no warnings regarding a lack of MiCA licenses, and crypto services—including deposits—remained accessible.
Under guidance from the European Securities and Markets Authority (ESMA), unauthorized firms are required to take immediate steps to wind down EU activities, which includes halting the onboarding of new European clients, opening new accounts, and soliciting customers in the region.
Representatives for Binance told Sandmark that the exchange has not given up on the European market and is still pursuing MiCA licensing to operate on a long-term, compliant basis. In a statement, the exchange noted that it has taken steps to align product and service availability in Europe with relevant legal and regulatory frameworks following MiCA's implementation.
Regulatory scrutiny in the region is active, with European regulators already issuing penalties related to MiCA compliance. On August 14, the Austrian Financial Market Authority fined Bitpanda 70,000 euros for notification and marketing violations.
