As I have predicted before, I believe this illustrates Binance’s regulatory arbitrage strategy. Based on public information, Binance, as an unauthorized CASP, appears to have continued operating in most EU Member States despite the implementation of MiCA and public statements from ESMA. In my view, this reflects a willingness to prioritize business growth while regulatory expectations were evolving. The broader question is whether any EU Member State would be comfortable processing or approving a MiCA application from a firm that appears to have intentionally disregarded MiCA requirements after the end of the transition period. It also highlights a broader challenge for European regulation: rules are only effective when they are applied consistently, fairly, and uniformly across all market participants.