Binance continues EU onboarding despite missing MiCA licensing deadline: report

Binance, the world's largest cryptocurrency exchange by trading volume, was still opening and verifying new European customer accounts more than seven weeks after the EU's July 1 MiCA licensing deadline, according to a Sandmark report shared with crypto.news on Aug. 21, 2026. Testers in Austria, France, Germany, Spain and Belgium completed registration and identity checks, with two accounts fully verified and able to receive crypto deposits, and none shown a warning that Binance lacks authorization under the Markets in Crypto-Assets regulation. One account created Aug. 19 with a European identity document and residential address was verified and funded. Binance remains absent from the bloc's register of authorized crypto providers.

Background

The backdrop is the EU's Markets in Crypto-Assets regulation, whose licensing deadline fell on July 1, 2026. Binance had told customers in several European countries that new registrations and deposits would stop from that date after it failed to secure MiCA authorization. As previously reported by crypto.news, Binance informed users in Italy, Spain, France, Poland, Belgium and Sweden that several services would be restricted once the transition period expired, and Earn products providing yields on deposited crypto were also set to be suspended. Customers were not required to withdraw assets by July 1, and Binance said funds would remain safe while it sought authorization elsewhere in the EU. Binance withdrew its Greek MiCA application in June after its licensing effort stalled, and has said it intends to stay in Europe and is pursuing authorization through another member state. Under Binance's terms, customers based in Belgium contract with Binance Poland Sp. z o.o., a Polish-registered virtual asset service provider. The source text ends mid-sentence on Poland's licensing status.

What happened

According to the Sandmark report shared with crypto.news, tests across several EU countries found new users could still complete Binance's registration and identity verification after the July 1 deadline, with two accounts fully verified and able to receive crypto deposits. The tests covered connections in Austria, France, Germany, Spain and Belgium, using both standard internet connections and virtual private networks, and none displayed a warning telling applicants that Binance lacked authorization under MiCA. One account, created on Aug. 19 using a European identity document and residential address, was verified and subsequently funded with cryptocurrency; it had not existed before July 1. Using an Austrian IP address and a Spanish identity document, one applicant completed verification within minutes, with no disclaimer and crypto deposits available. A separate registration from Spain used a Spanish connection without a VPN plus local address and employment information; the applicant completed sign-up before Binance rejected it because the individual already had an account, and the rejection did not cite EU residency or MiCA restrictions. A Belgian connection without a VPN produced an active account in about ten minutes, requiring a photograph of an identity card, a live facial check and information on income, savings and professional status. Access from the United States produced a different result: a U.S. connection immediately redirected the user to Binance.US, and after a login to the international platform, deposits and trading were suspended, leaving only withdrawals. Binance said it does not comment on specific customers, accounts or individual onboarding cases, that European service availability can vary by jurisdiction, transitional rules, product and individual circumstances, and that it has taken steps to align availability with relevant legal and regulatory frameworks. It did not provide a specific explanation for why new European accounts could still complete verification after July 1, and said it is "actively progressing" its application.

Market impact

The sources contain no price, volume or flow figures for crypto markets, so no market reaction can be quantified here. The only numbers reported are operational: more than seven weeks elapsed between the July 1 MiCA deadline and the Aug. 21 report; tests spanned five EU countries (Austria, France, Germany, Spain and Belgium); two accounts were fully verified and able to receive crypto deposits; one account was created on Aug. 19 and funded; one Austrian-IP registration was verified within minutes; one Belgian-connection account became active in about ten minutes; and Binance withdrew its Greek MiCA application in June. Binance is described as the world's largest cryptocurrency exchange by trading volume, but no trading-volume figure is given. The source also lists six countries where customers were told of restrictions from July 1: Italy, Spain, France, Poland, Belgium and Sweden.

Why it matters

The report matters because it describes a gap between what Binance told European customers and what testers say they observed. Binance had informed users in Italy, Spain, France, Poland, Belgium and Sweden that new registrations and deposits would stop from July 1, and that Earn products would be suspended, yet the Sandmark tests found onboarding continuing and deposits available in several of those markets without any MiCA warning. Because Binance is described as the world's largest exchange by trading volume and remains absent from the EU register of authorized providers, its continued onboarding raises questions about how the transition period is being enforced and whether customers understand the regulatory status of the entity they contract with. The source notes that Belgian customers contract with Binance Poland Sp. z o.o., a Polish-registered virtual asset service provider, which points to the role of national entities in cross-border service. Binance's withdrawal of its Greek application in June and its stated pursuit of authorization through another member state mean the licensing question remains open, and the source does not say when a decision is expected.