ESMA and national authorities in France, Germany, and Greece are examining the legality of ongoing business activities at the world's largest cryptocurrency exchange. These regulators are auditing whether the firm’s use of a "reverse solicitation" carve-out under the Markets in Crypto-Assets (MiCA) regulation is valid, as reported by the Financial Times. This provision allows companies to serve users who specifically request their services without being targeted by the firm's marketing.

Binance previously failed to obtain a required operating license and was ordered to wind down its operations in the European Union. The current investigation aims to determine if the legal exemption provides a lawful basis for the exchange to continue serving some European clients, with potential enforcement actions if the regulators reject Binance's interpretation of the rule.