According to CoinMeta, Binance is serving EU customers through Abu Dhabi, as ESMA is testing MiCA's first major case. EU regulatory authorities are questioning how Binance can continue to serve European customers through entities licensed by Abu Dhabi. Previously, Binance was informed to shut down its EU operations due to the lack of MiCA licensing. Regulators are reviewing cases where Binance relies on licensing exemptions to continue serving EU customers. Some regulators have requested information from the company, and if dissatisfied, may take enforcement actions, including fines. Binance currently serves some EU customers through entities licensed by Abu Dhabi. Companies that have not obtained MiCA licensing were supposed to gradually cease EU operations starting July 1st, but this exchange has been able to continue operating due to a legal exemption. ESMA states that this exemption should be regarded as an exception, not a workaround. Dutch regulator AFM warns that providers "cannot simply claim it's a reverse request."