Binance has continued serving and onboarding some European Union customers more than two months after missing the bloc’s MiCA licensing deadline, using regulatory provisions and offshore routing while it seeks authorization elsewhere.

According to a Bloomberg report, the world’s largest crypto exchange has remained active in parts of the 27-member bloc despite withdrawing its Greek Markets in Crypto-Assets application in June and entering July without the authorization required for EU-wide operations.

People familiar with the matter said Binance has relied partly on MiCA’s “reverse solicitation” provision, which permits certain services when customers approach an unlicensed crypto company on their own initiative instead of being targeted through marketing. Binance has interpreted the provision as allowing it to onboard new customers who independently seek out the platform, the people said.

Trading for some EU-based customers has meanwhile been routed through a Binance entity in Abu Dhabi, where the business operates under a different regulatory framework, according to the report.

The arrangements have allowed Binance to maintain part of its European business while pursuing MiCA authorization. Binance said in a statement that it follows regulations in jurisdictions where it operates and remains committed to doing business in the EU on a “long-term, compliant basis.”

“We are actively working toward becoming MiCA-authorised and view this as an important step in providing users with a consistent, regulated, and trusted service across the European market,” the exchange said.

Binance has kept some EU customers after the MiCA deadline

Binance’s continued presence follows months of uncertainty over what would happen to its European operations after the July 1 licensing cutoff.

Crypto.news previously reported that Binance was still opening EU accounts in August, more than seven weeks after the deadline. Tests across Austria, France, Germany, Spain and Belgium found that some new users could complete registration and identity verification, while crypto deposits remained available on active accounts.

One account created on Aug. 19 using a European identity document and residential address was verified and subsequently funded with cryptocurrency. Binance remained absent from the European Securities and Markets Authority’s register of authorized crypto providers.

MiCA requires crypto asset service providers to secure authorization from a regulator in one EU member state. Once approved, a license can be used to provide covered services across participating markets in the bloc.

ESMA had instructed unauthorized providers before the deadline to stop onboarding new EU customers and limit remaining services to steps required for customers to exit. By July 1, those companies were expected to have implemented their wind-down plans.

For Binance, the change affected customers differently depending on where they lived. In France, Spain, Italy, Poland, Sweden and Lithuania, where Binance previously maintained local entities, customers received multiple emails asking them to leave the exchange, Bloomberg reported.

Most affected accounts were restricted to withdrawals instead of active trading, although some customers were subsequently allowed to return under Binance’s interpretation of reverse solicitation.

Binance had told customers that assets would remain accessible when MiCA service changes began on July 1. CEO Richard Teng said affected users would retain access to previously communicated options, including withdrawals.

Greek MiCA application ended before a regulatory decision

Binance had sought to obtain its MiCA authorization through Greece, which would have given the exchange access to customers across the EU through the regulation’s passporting system.

Its prospects deteriorated in June as scrutiny of the application increased. The Hellenic Capital Market Commission was expected to consider Binance’s application at a board meeting on June 17, according to Bloomberg, but the company withdrew the filing on June 16. The regulator said no decision was therefore made.

Before the withdrawal, Binance maintained that it had received no formal indication that its application would be rejected. The exchange said it believed it had met the relevant MiCA requirements.

Concerns over the Greek application had surfaced earlier in June when the licensing process moved toward rejection, putting Binance’s ability to continue serving EU customers after the transition period at risk.

European Central Bank President Christine Lagarde personally intervened behind the scenes to prevent the application from being approved, Bloomberg reported, citing people familiar with the matter. The ECB declined to comment.

Reports of Lagarde’s involvement had emerged while Binance’s Greek licensing bid stalled ahead of the deadline. Binance maintained at the time that its application met MiCA requirements and warned that delays to authorization could affect competition and liquidity.

As the Greek process ran into trouble, Binance said it would pursue another EU route if the application did not advance. The exchange has yet to publicly confirm which member state could handle its next application.

ESMA has sought details on Binance’s EU wind-down

European regulators have continued examining how the exchange is handling customers without a MiCA license.

ESMA recently contacted Binance seeking confirmation that the company was appropriately winding down its EU business, Bloomberg reported, citing people familiar with the communication. The authority declined to discuss an individual company and said national regulators are responsible for imposing sanctions over non-compliance.

Binance’s interpretation of reverse solicitation has become particularly relevant because the exemption depends on a customer initiating contact without being solicited by the provider.

Nina-Luisa Siedler, a lecturer at the Berlin University of Applied Sciences who advises companies on MiCA compliance, told Bloomberg that failing to receive a license does not automatically require Binance to close every account belonging to European customers.

“The fact that they did not obtain the license does not necessarily mean that they need to close all accounts they have for European customers,” Siedler said.

Restrictions have nevertheless remained in place in individual markets. Binance users in France lost access to trading after the July 1 deadline, including spot and margin trading, while withdrawals remained available.

The exchange’s app availability has varied across the bloc. In late July, the Binance app disappeared from Google Play in some EU countries, including reports from users in Spain and Latvia, while it remained available in Poland. Binance attributed the changes to updates in Google Play policies affecting crypto applications in certain markets.

Binance trading activity has held up despite MiCA restrictions

The regulatory setback has not substantially changed Binance’s position as the largest crypto exchange globally.

Kaiko data cited by Bloomberg showed Binance accounted for more than 45% of global spot crypto trading volume in late August. Its share of euro-denominated trading stood between 3% and 4%, a measure that does not capture every transaction involving European customers.

The euro trading share was not meaningfully different from levels recorded before the July 1 deadline, according to the report.

Binance has remained among the most downloaded crypto trading applications through Apple’s App Store in the EU, with its position showing little change over recent months.

Licensed competitors have entered the post-transition market under a different regulatory status. Coinbase and other approved providers can use MiCA passporting rights to offer covered services across EU member states, while Binance continues looking for another licensing route.

The exchange’s European difficulties follow its $4.3 billion settlement with U.S. authorities in 2023 over anti-money laundering, sanctions and unlicensed money transmission violations. Co-founder Changpeng Zhao separately pleaded guilty to failing to maintain an effective anti-money laundering program, served a prison sentence and was pardoned by U.S. President Donald Trump last year.

Binance has since increased its compliance spending and cooperation with authorities. In June, the exchange said its annual compliance spending reached $300 million and reported handling more than 313,000 law enforcement requests globally.

Its next MiCA application remains unresolved. Binance had been preparing to seek authorization from an EU member state other than Greece, according to Bloomberg, but the jurisdiction where it may file has not been confirmed.

US-listed spot Bitcoin exchange-traded funds logged their strongest single-day inflows in nearly eight months after Bitcoin pushed back above the $80,000 mark. The rebound coincided with a broader improvement in ETF demand, though on-chain analysts warned that the move still leans heavily on positioning changes rather than entirely fresh spot buying.

According to SoSoValue, US spot Bitcoin ETFs received $730.9 million in net inflows on Thursday, the largest daily total since Jan. 14, when the funds attracted $843.6 million. That strong print followed $101.2 million in net inflows on Wednesday, as Bitcoin traded roughly between $76,000 and $81,000 earlier in the week before reclaiming the $80,000 level, based on CoinGecko price data.

Key takeaways

• Spot Bitcoin ETF inflows surged: Thursday’s US net inflows totaled $730.9 million, the highest since mid-January.
• BlackRock’s IBIT led the day: $454 million flowed into IBIT, about 62% of the overall total, per Farside Investors.
• Not all funds contributed equally: most gained, while VanEck’s HODL and WisdomTree’s BTCW were the only two with outflows.
• CryptoQuant sees limited fresh demand: it pointed to short covering and profit-taking rather than a clear shift to new long demand.
• Key resistance is near $83K: CryptoQuant highlighted it as a threshold for confirming a new bull phase, with the 365-day moving average around $82,300.

ETF inflows hit a late-January high

The day’s inflow figure marks a notable acceleration compared with the prior session. SoSoValue data shows the Thursday total of $730.9 million followed Wednesday’s $101.2 million, indicating that ETF demand concentrated sharply in a single session rather than building steadily.

Tracking by Farside Investors shows the strongest contribution came from BlackRock’s iShares Bitcoin Trust (IBIT). The fund pulled in $454 million on Thursday—roughly 62% of all net inflows. Farside also indicates IBIT previously drew a larger single-day inflow of $503 million as recently as Aug. 20, underscoring that today’s jump is significant but not unprecedented.

Who bought—and who sold

Beyond IBIT, ARK Invest and 21Shares’ ARKB added $137.7 million. Fidelity’s FBTC brought in $74.4 million, while other major issuers did not show the same level of inflow.

On the downside, VanEck’s HODL and WisdomTree’s BTCW were the only funds to post net outflows on Thursday, recording $19.6 million and $5.2 million respectively. For investors monitoring fund-level sentiment, the distribution of flows suggests the rally day was broadly supportive, but not uniform across products.

CryptoQuant: rally may depend on positioning, not new demand

Even with the sharp improvement in ETF inflows, CryptoQuant cautioned that Bitcoin’s move may not yet reflect a strong wave of new long-term accumulation. In an assessment shared with Cointelegraph, CryptoQuant pointed to weaker spot demand alongside heavy short covering—a pattern that can lift price quickly without guaranteeing sustainability.

The analysis also referenced realized profit activity. CryptoQuant said holders realized approximately 23,000 BTC in net profits on Aug. 21, the highest daily amount this year. It further estimated that holders have realized roughly 110,000 BTC in net profits in total since Aug. 19, implying that parts of the rally coincided with profit-taking rather than solely fresh entries.

This matters for traders because ETF inflows are often treated as a proxy for institutional interest, but CryptoQuant’s framing suggests the immediate price advance may have been amplified by market mechanics—particularly the unwind of short positions—at least in the near term.

Attention turns to $83K and the 365-day moving average

CryptoQuant’s next major checkpoint sits near Bitcoin’s 365-day moving average, which it placed at about $82,300. Historically, CryptoQuant said this level has divided prior bull and bear regimes, with Bitcoin reaching $81,400 on Aug. 28 before slipping back below that threshold.

In its view, a decisive close above $83K would be the type of confirmation that signals the start (or resumption) of a new bull market phase. Conversely, CryptoQuant warned that if price fails to hold above the area, the pullback risk could extend toward the 200-day moving average near $69,000.

For market participants, the immediate takeaway is that today’s strong ETF inflows may help support the bid, but whether they translate into a durable trend likely depends on whether Bitcoin can overcome the key technical zone around the 365-day moving average and sustain trading above it.

Going into the next sessions, investors should watch for follow-through in ETF net flows after Thursday’s spike and for whether Bitcoin can secure and maintain closes above the $83K region highlighted by CryptoQuant—because that combination would better indicate that demand is shifting from short-covering and profit-taking toward sustained buying.

Most coverage of Monero focuses on getting into it. The reverse direction gets less attention and is arguably more practical, because at some point most holders want to convert privacy assets back into something more liquid. 

Moving XMR back into Bitcoin is straightforward, but the options have narrowed and the trade-offs are worth understanding.

Why the reverse trade is harder than it should be

Getting Bitcoin is easy. Nearly every venue lists it. Getting rid of Monero is where people run into friction, because the same delisting wave that removed XMR from major exchanges also removed the obvious exit route.

More than seventy exchanges have delisted Monero since 2024, and European regulation is expected to restrict privacy assets at regulated venues by 2027. A holder who acquired XMR two years ago through a centralised exchange may find that the exchange no longer supports trading out of it.

This has made non-custodial swaps the practical default for the reverse direction rather than a niche alternative.

How to exchange Monero for Bitcoin

The mechanics mirror the forward trade. You exchange Monero to Bitcoin by selecting the pair, providing a Bitcoin destination address, and sending your XMR to the deposit address generated for that swap. Settlement typically takes under ten minutes once the Monero transaction confirms.

Four details worth getting right:

• Rate type. Floating settles at the market rate when your coins arrive. Fixed locks the rate upfront for a small premium. Monero can be volatile, so on a large trade the fixed rate is usually the sensible choice.
• Destination accuracy. Your Bitcoin address must be correct. Blockchain transactions cannot be reversed.
• Refund address. Always set one. If the swap cannot be completed at the quoted terms, your Monero is returned there rather than leaving you to open a support ticket. One exception is worth knowing about: a deposit that the licensed liquidity partner’s automated screening flags can be held pending review, and that is a manual process rather than an automatic return.
• Confirmation time. Monero requires around ten network confirmations, which takes roughly twenty minutes. Factor that into your timing rather than assuming the swap has stalled.

A note on what changes when you convert back

Worth understanding clearly: converting Monero into Bitcoin moves value from a private ledger to a public one. The Bitcoin you receive lands at an address on a transparent chain, and its subsequent movements are publicly visible like any other Bitcoin.

The Monero side of the transaction remains private, and the swap does not publish a link between your XMR and the Bitcoin you receive. But the Bitcoin itself behaves like Bitcoin from that point forward. People sometimes assume that passing through Monero permanently anonymises the output, and that is not an accurate way to think about it.

Rates, fees and liquidity

XMR to BTC is one of the more liquid privacy-coin pairs, so spreads are usually reasonable. Two costs apply: the service fee, quoted upfront, and network fees on both chains. Monero network fees are typically low. Bitcoin fees depend on congestion and can matter on smaller trades.

Because liquidity for Monero has thinned at custodial venues, check on larger trades that the quoted output amount is the amount that actually lands, and that no further deduction appears at settlement.

Rotating in both directions

Many holders do not treat this as a one-way decision. A common pattern is to hold a working balance in Bitcoin for liquidity and rotate a portion into Monero when they want that portion to stop being publicly readable, then convert back when they need to transact at scale.

Both directions run through the same mechanism. Services such as GhostSwap support the full round trip, and moving in the other direction to swap Bitcoin to Monero follows an identical process.

Summary

Converting Monero back into Bitcoin takes minutes through a non-custodial swap and does not require an account. Set a refund address, verify the destination, allow for Monero’s confirmation time, and use a fixed rate if the amount is large enough that a price move during settlement would matter. The exit route from Monero has narrowed at custodial venues, but it has not closed.

From a humble pitch in Rosario, Argentina, where a young boy’s footwork revealed his extraordinary talent, to a remote village by a Norwegian fjord, where a tall, blond teenager caught the eye of European giants with his astonishing finishing ability, from Messi to Haaland, fans have witnessed the legendary rise of countless “wonderkids” from obscurity to global football stardom.

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Inside Silo 1, we see Daniel waking from cryo-sleep. Except he’s no longer called Daniel: He is now Troy. And while Troy looks physically the same as Daniel, he’s completely changed. That’s made crystal clear when he settles into his shift and has to deal with the outbreak in Silo 17, the same silo Juliette ventured to in Season 2. Troy, without hesitation, delivers a ruthless decision to execute every single person—man, woman, and child—who left the silo. A top priority of Silo 1 is to prevent silos from discovering that any other silos exist. His decision to unleash drone warfare is met with disapproval by drone pilot Susan, who is actually Daniel’s sister Charlotte (Jessica Brown Findlay). Neither of them recognizes one another from the past. “He’s completely bloodless about it. Totally unemotional. It’s just his job,” says Yost. (Yost does suggest that Charlotte’s negative reaction to Troy’s behavior is worth our attention, though he won’t say why).

US-listed spot Bitcoin exchange-traded funds (ETFs) notched their biggest inflows in nearly eight months as BTC reclaimed $80,000.

Bitcoin ETFs recorded $730.9 million in net inflows on Thursday, the largest daily haul since Jan. 14, when the funds attracted $843.6 million, according to SoSoValue data.

The surge followed $101.2 million inflows on Wednesday and came as Bitcoin reclaimed the $80,000 level after trading in a range between roughly $76,000 and $81,000 this week, according to CoinGecko.

Despite the spike in ETF inflows, CryptoQuant remained cautious about Bitcoin’s rally, citing weaker spot demand and heavy short covering as $83,000 emerges as a key bull market threshold.

BlackRock’s IBIT draws $454 million in a day

BlackRock’s iShares Bitcoin Trust (IBIT), the largest US spot Bitcoin ETF by net assets, led Thursday’s buying with $454 million in inflows, accounting for about 62% of the total, according to Farside Investors data.

While total spot Bitcoin ETF inflows reached their highest level since January, IBIT alone drew a larger $503 million inflow as recently as Aug. 20.

Daily US spot Bitcoin ETF flows since Tuesday. Source: Farside Investors

ARK Invest and 21Shares’ ARK 21Shares Bitcoin ETF (ARKB) followed with $137.7 million, while Fidelity’s Wise Origin Bitcoin Fund (FBTC) drew $74.4 million.

VanEck’s Bitcoin ETF (HODL) and WisdomTree’s Bitcoin Fund (BTCW) were the only funds to record outflows on Thursday, at $19.6 million and $5.2 million, respectively.

Bitcoin rally still needs fresh buyers

Bitcoin’s recent rally was driven largely by traders closing short positions rather than opening new long positions, pointing to limited fresh buying demand, CryptoQuant said in a Thursday report shared with Cointelegraph.

The report mentioned that Bitcoin holders realized 23,000 BTC in net profits on Aug. 21, the highest daily amount this year, and about 110,000 BTC in total since Aug. 19, reflecting substantial profit-taking during the rally.

Related: Bitcoin’s apparent demand turns negative as price struggles with $77K

According to CryptoQuant, Bitcoin’s next major test sits around its 365-day moving average, which CryptoQuant placed at roughly $82,300.

Source: CryptoQuant

The company said the moving average has historically marked the divide between Bitcoin bull and bear markets, with Bitcoin reaching $81,400 on Aug. 28 before retreating below the threshold.

“A decisive close above $83K would confirm the new bull market,” CryptoQuant said, while a rejection could trigger a pullback toward the 200-day moving average near $69,000.

Magazine: Bitget CEO isn’t buying the Bitcoin rally — She’s waiting for $50K