ESMA warns Binance must serve EU users through MiCA-authorized entity after July 1

ESMA told Cointelegraph that EU crypto clients must be served through a MiCA-authorized entity after July 1, raising questions about Binance's plan to service some EU users via its Abu Dhabi entity.

• ESMA says EU clients must be served through a MiCA-authorized entity after the July 1 transitional deadline.
• Binance adjusted services in Poland, France, Spain and Italy as part of its MiCA transition.
• Reverse solicitation exemption under Article 61 is narrow and does not apply if a company solicits EU clients.
• Lawyers say Binance's Abu Dhabi entity has no standing under MiCA as a third-country firm.
• Coinbase, Kraken and OKX are offering transfer bonuses to poach users from unlicensed exchanges.

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