Bloomberg: Binance keeps serving EU users despite lacking MiCA license

Binance has continued operating in the EU through various workarounds even after the July 1 deadline for full implementation of the Markets in Crypto-Assets regulation, despite expectations it would exit the bloc after failing to secure a MiCA license, Bloomberg reported. According to the report, Binance asked users in six EU countries where it had local entities to migrate platforms or withdraw, but some customers regained trading access by using a clause stating the customer directly requested the service. Binance is also said to be supporting trading by routing some EU users’ order flow to an Abu Dhabi-based entity outside the EU regulatory perimeter. The European Securities and Markets Authority sent Binance a letter demanding proof of progress in winding down its EU business. Bloomberg added that Binance still holds more than 45% of global spot trading volume, while its euro-denominated trading share remains around 3% to 4%, little changed from before.