EU regs are lowkey grilling Binance rn over how it’s still serving some EU customers even tho it missed that MiCA license drop 😈
Regulators Digging Into That Sneaky Reverse Solicitation Exemption 💀
The Financial Times dropped hints quoting insiders saying ESMA plus the watchdogs in France Germany and Greece are double checking if Binance can even claim the reverse solicitation loophole after the big license fail. Enforcement might hit hard if they call BS on the excuse 👀
Binance got told to shut down its EU ops since it didn’t snag the approval this summer. Rules were clear unlicensed spots had to move quick from July 1 and only help folks move or sell holdings no new biz allowed.
Back in June the exchange was chatting up regulators for like 18 months with zero red flags but then pulled the Greece app and shifted focus to another country for the green light. Another bombshell from Wall Street Journal claims ECB boss Christine Lagarde straight up asked the Greek PM to block the whole thing even after Greek regulators were basically ready to approve 🚀
By early June the tech review passed and that 40 day wait ended clean but her call ties back to the US guilty plea on money laundering plus fears it would push folks harder into dollar stablecoins while the ECB builds its own digital euro 📉
ESMA Pushing For Stronger MiCA Muscle Lmao 🖤
Right before that FT tea ESMA said EU regulators need way more tools to actually police MiCA stuff. They want the power to freeze assets fast if crime vibes are suspected cuz current waits let shady funds vanish too easy 😭
National teams could also nuke scam sites or unauthorized firms and crack down on non EU companies chasing EU investors without permission. Plus they’re eyeing bans on shady marketing third party promo rules and full cost breakdowns for users. All this feeds into the ongoing MiCA review chat with some central banks already weighing in on patchy enforcement.
Check the report here
Just another echo from the void by iconofsin.eth 💖
