EU Regulators Review Binance’s Use of MiCA Reverse Solicitation Exemption

The scrutiny lands on the single most elastic provision in MiCA: reverse solicitation was meant as a narrow carve-out, and its use by a firm of Binance's scale tests whether the boundary is enforceable in practice. The outcome matters well beyond one exchange, since every non-EU venue serving European users relies on the same distinction between inbound and outbound contact. Binance's decision to withdraw its Greek application and refile elsewhere adds a licensing-arbitrage dimension regulators are unlikely to ignore. Whether ESMA converts its call for stronger enforcement powers into actual authority is the open question.