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Circle said it responded to the European Commission’s targeted consultation on MiCA, advocating retention of a structure under which global stablecoins are jointly issued by EU and overseas regulated entities, together with the establishment of equivalence and recognition arrangements.
The Financial Times reported that ESMA and regulators in several EU countries are reviewing Binance use of the "reverse solicitation" exemption to continue serving EU customers and have requested that it provide information. If its explanation is not accepted, it could face enforcement action, including fines.
A Telegram flash update said that EU regulators are asking Binance to explain why it continued providing services after previously being asked to stop the relevant business activities.
According to Cointelegraph,ESMA proposed bringing DeFi on-ramps, staking, and crypto lending within the MiCA regulatory framework, while strengthening restrictions on unauthorized stablecoin services. The proposal remains under regulatory discussion.
The European Banking Authority recommends that the EU assess bringing crypto lending and certain DeFi access services within MiCA regulation, and consider appropriateness assessments, leverage limits, and additional disclosure requirements.