Binance Opens New EU Accounts Without MiCA License
The crypto giant continues user onboarding despite EU regulatory requirements.
1Post-MiCA Unlicensed Registrations
According to Sandmark's report, Binance kept onboarding new users from Austria, France, Germany, Spain, and Belgium after MiCA regulations took effect on July 1. Tests conducted on August 19 successfully opened fully verified accounts with and without VPNs. Crypto transactions remained available for accounts passing KYC checks.
2EU's Clear Warning
The European Securities and Markets Authority (ESMA) mandates unlicensed firms to stop acquiring new EU clients. Marketing activities were also required to cease by July 1. Despite withdrawing its license application in Greece, Binance claims it aims for long-term compliance in Europe.
3Price of Regulatory Violations
Austria's Financial Market Authority (FMA) fined Bitpanda €70,000 on August 14 for notification and marketing violations, sending a strong signal. Penalties may increase for exchanges violating MiCA rules. Binance's decision to halt transactions with 16 crypto platforms also reflects regulatory pressure.
4Status of User Assets
Despite withdrawing its Greek license application, Binance assured users their assets remain secure. Transfers and withdrawals continue based on user location and account status. However, certain transactions may be suspended depending on regulatory developments.
5Binance's Official Statement
Binance representatives told Sandmark: "Following MiCA implementation, we've taken steps to align our European products and services with relevant legal frameworks." The exchange emphasized its pursuit of MiCA licensing to operate long-term in compliance.
6Revealing Test Findings
On August 19, Sandmark's team opened multiple test accounts from EU countries to examine Binance's practices. Two fully KYC-verified accounts were created in different countries without receiving any MiCA license warnings. Crypto deposits and withdrawals were processed without issues.
7Growing Regulatory Risks
EU authorities are taking strict measures against MiCA violations to maintain market integrity. Continued unlicensed customer acquisition increases legal scrutiny risks. For global players like Binance, losing EU market access could mean significant revenue loss.
8Turning Point for Crypto Industry
MiCA regulations mark a new era for all crypto firms operating in the EU. Binance's continued unlicensed onboarding reveals complexities in compliance processes. Consistent regulatory oversight will be crucial for crypto markets to gain legitimacy.
Original article: Bitcoin News — Binance MiCA Lisansı Olmadan AB'de Yeni Hesaplar Açıyor