According to a report by cocindesk:
New provisions proposed by lawmakers in an anti-money laundering (AML) legislative draft up for a parliamentary committee vote on Thursday stipulates financial and credit institutions, along with regulated crypto firms in the EU, will be prohibited from doing any business with what it calls non-compliant crypto firms.
How do they define a non-complaint crypto service provider?
a firm “that is not established in any jurisdiction or does not have a central contact point or substantive management presence in any jurisdiction and that is unaffiliated with a regulated entity or that operates in the Union”
EU has always been vocal about there plans to regulate crypto and their moves against unregulated firms. I have posted about them having closed around 11 unregistered crypto firms (if you can still remember).
Some are worried that trouble may be ahead for companies like Binance, which has received warnings from regulators.