EU Presses Binance Over ‘Reverse Solicitation’ Exemption for Users: Report

European securities authorities are probing Binance’s continued provision of services to customers in the European Union following the exchange’s failure to obtain authorisation under the Markets in Crypto Assets (MiCA) regime. The Financial Times reported that the European Securities and Markets Authority (ESMA) and national supervisors in France, Germany and Greece have asked the company for information about its reliance on the reverse solicitation exemption in Article 61 of MiCA. Under the MiCA rules, firms without licences were expected to begin winding down EU operations from July 1 and only continue supporting existing customers to transfer or sell holdings. ESMA guidance stresses that reverse solicitation should be narrowly interpreted, that whether a client initiated contact is a factual determination, and that contractual language or disclaimers cannot override contrary facts. The Dutch regulator AFM has similarly warned firms they "cannot simply claim reverse solicitation," the FT reported. According to people familiar with the arrangement, customers outside the countries where Binance still held local registrations are being served by an Abu Dhabi-regulated entity authorised in December 2025. Binance previously held registrations in six EU member states—France, Italy, Lithuania, Poland, Spain and Sweden—all of which have lapsed under MiCA. The company has said it complies with applicable regulatory requirements, is reviewing its products against obligations and is "actively working toward becoming MiCA-authorised." Regulators could move to enforcement, including fines, if Binance’s responses do not satisfy them. The FT story also noted that other smaller firms are under similar scrutiny. French, German and Greek regulators declined to comment to the paper, and ESMA and the AFM declined to comment on Binance specifically.