00:01The world's largest cryptocurrency exchange, Binance, is under scrutiny from EU watchdogs
00:07for continuing to serve clients in the bloc, month after it was told to wind down its European
00:12business, according to the Financial Times. High-licensed companies were expected to take
00:18immediate steps to wind down their EU operations from the 1st of July and to serve customers only
00:23to help them transfer or sell their crypto holdings. Binance failed to secure a new crypto license,
00:29this past summer. The EU's market's watchdog and national regulators in countries, including
00:34France, Germany and Greece, are now examining how Binance uses reverse solicitation. The FT
00:40reported the legal exemption allows companies based outside the EU to serve customers in
00:46the bloc as long as those customers seek out the service entirely on their own initiative.
00:51Responding to a question from Euronews, Binance insisted that it complies with the laws in
00:56the countries in which it operates.
