Binance puts MiCA to the test after accepting registrations in 5 EU countries
The blockade of the European crypto market with MiCA already shows flaws. In fact, the exchange Binance may have found loopholes. Despite the entry into force of this new regulatory framework, it is still possible for European citizens to open functional accounts without a MiCA license, thanks to the world’s first cryptocurrency exchange platform. Such a scenario would become a large-scale test of the credibility of this rule and the future of international exchanges on the continent.
Despite the absence of a MiCA license, Binance continues to integrate and verify new users residing in several countries of the European Union.
The research carried out on August 19 by Sandmark confirms the complete validation of KYC accounts and direct access to deposits from France, Germany, Austria, Spain, and Belgium.
However, ESMA (the European Securities and Markets Authority) requires the immediate suspension of the recruitment of European clients for platforms not authorized since July 1.
Binance says it will continue its compliance procedures to operate in the region in the long term, denying any voluntary noncompliance.
Sandmark’s investigation and the validation of sign-ups on Binance
While MiCA regulation entered into force on July 1, the firm’s hard-hitting conclusions shared by crypto analytics platform Sandmark have revealed this case. On August 19, experts at this company carried out live sign-up tests from several EU member countries including Germany, Austria, Belgium, Spain, and France. They used standard connections as well as virtual private networks (VPNs). This experimentation allowed them to observe that the exchange was still accepting new European customers without imposing strict geo-blocking or issuing the slightest alert about its regulatory status.
$BNB
$VPG.US
$MICC.US
#Binance
The blockade of the European crypto market with MiCA already shows flaws. In fact, the exchange Binance may have found loopholes. Despite the entry into force of this new regulatory framework, it is still possible for European citizens to open functional accounts without a MiCA license, thanks to the world’s first cryptocurrency exchange platform. Such a scenario would become a large-scale test of the credibility of this rule and the future of international exchanges on the continent.
Despite the absence of a MiCA license, Binance continues to integrate and verify new users residing in several countries of the European Union.
The research carried out on August 19 by Sandmark confirms the complete validation of KYC accounts and direct access to deposits from France, Germany, Austria, Spain, and Belgium.
However, ESMA (the European Securities and Markets Authority) requires the immediate suspension of the recruitment of European clients for platforms not authorized since July 1.
Binance says it will continue its compliance procedures to operate in the region in the long term, denying any voluntary noncompliance.
Sandmark’s investigation and the validation of sign-ups on Binance
While MiCA regulation entered into force on July 1, the firm’s hard-hitting conclusions shared by crypto analytics platform Sandmark have revealed this case. On August 19, experts at this company carried out live sign-up tests from several EU member countries including Germany, Austria, Belgium, Spain, and France. They used standard connections as well as virtual private networks (VPNs). This experimentation allowed them to observe that the exchange was still accepting new European customers without imposing strict geo-blocking or issuing the slightest alert about its regulatory status.
$BNB
$VPG.US
$MICC.US
#Binance
