Crypto▼ Bearish
Binance Still Onboarding EU Clients After MiCA, Test Shows
A Sandmark test found Binance still accepts new EU customers after MiCA. Two accounts passed full KYC. ESMA guidelines require a halt; EU watchdogs may now escalate.
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Binance is still letting European Union residents open accounts and trade even after the Markets in Crypto-Assets regulation took effect on July 1, a test by crypto analytics firm Sandmark showed.
On Aug. 19, Sandmark researchers tried to open accounts from Germany, Austria, Belgium, Spain, and France. They used standard internet connections and virtual private networks. Two accounts completed full Know-Your-Customer verification and gained access to deposit functions, the firm said. No geographic blocks or regulatory-status alerts appeared during the process.
Binance has publicly claimed it is taking steps to comply with MiCA. The exchange withdrew its authorization application with Greek authorities earlier this year. In a statement, Binance said: “Following the implementation of MiCA, we have taken steps to ensure that the availability of our products and services in Europe aligns with applicable legal and regulatory frameworks.” The exchange did not specify what those steps are.