Binance Still Onboards EU Users Despite Missed MiCA Deadline

Binance, still the world's largest crypto exchange by trading volume, has kept accepting new customers from European Union countries well past the July 1, 2026 deadline set by the Markets in Crypto-Assets (MiCA) regulation, according to independent testing by the crypto analysis platform Sandmark.

MiCA requires crypto-asset service providers to get authorization from a national regulator in one member state, which then allows passporting of services across the entire European Economic Area. Firms without that approval were told to halt new client onboarding, stop marketing to EU residents, and put orderly wind-down plans in place by the deadline. ESMA, the European Securities and Markets Authority, has said unauthorized entities must restrict activities mostly to facilitating client exits while protecting user interests.

Binance had pursued a MiCA license through Greece but withdrew its application in late June 2026 amid reports that the Hellenic Capital Market Commission was prepared to reject it. The exchange told users in France, Italy, Spain, Poland, Belgium, and Sweden that it would limit new registrations, deposits, and certain yield products starting July 1. It said customer assets would remain accessible and that it planned to seek authorization in another EU jurisdiction.

Sandmark's mid-August tests found the restrictions were not fully in place. Staff registered and completed identity verification for accounts using European identity documents and residential addresses from Austria, France, Germany, Spain, and Belgium. Tests ran both with and without virtual private networks. In at least two cases, accounts reached full verification and could accept cryptocurrency deposits. None of the registration flows displayed warnings that Binance lacked MiCA authorization.

One account created on August 19 using a European ID and address was verified and funded with crypto; it had not existed before the July deadline. Access from a US location produced a different result, redirecting users to the restricted Binance.US platform where deposits and trading were disabled. European connections moved through onboarding without similar blocks.

Binance's terms for some users, such as those in Belgium, reference contracting with a Polish entity, with payment processing through affiliates in Bahrain and settlement via a Georgian bank. Neither Binance nor its related entities appear on ESMA's register of authorized crypto-asset service providers, which listed around 330 approved firms as of mid-to-late August. The exchange is also absent from ESMA's separate list of entities flagged for unauthorized activity.

Binance said in response to inquiries that it has taken steps to align product availability in Europe with applicable legal frameworks following MiCA's implementation. The company noted that service availability can depend on jurisdiction, transitional rules, specific products, and individual circumstances, while reaffirming its commitment to obtaining authorization and operating compliantly long-term. It declined to address specific onboarding cases.

Enforcement is starting to emerge across the bloc. Austria's Financial Market Authority recently issued its first MiCA-related fine against another platform for procedural and marketing shortcomings. The situation shows the challenge of applying the new rules uniformly as the industry adjusts to stricter oversight.

For context on how other exchanges are handling compliance, Bank Leumi recently tapped Galaxy for Bitcoin, Ether and Solana trading, and Mastercard has been testing single-audit stablecoin compliance with Borderless.xyz. The broader crypto market analysis page tracks how these regulatory shifts are playing out across exchanges.