Source: https://technet.microsoft.com/en-us/library/exchange-online-limits.aspx#RecipientLimits
Sending limits
Sending limits apply to the number of recipients, number of messages, and number of recipients per message that a user can send from their Exchange Online account.
Note: For distribution groups stored in an organization's address book, the group is counted as one recipient. For distribution groups stored in the Contacts folder of a mailbox, the members of the group are counted individually.
Recipient rate limit
To discourage the delivery of unsolicited bulk messages, Exchange Online has recipient limits that prevent users and applications from sending large volumes of email. These limits are applied per-user to all outbound and internal messages.
Note: Exchange Online customers who need to send legitimate bulk commercial email (for example, customer newsletters) should use third-party providers that specialize in these services.
Recipient limit
This is the maximum number of recipients allowed in the To:, Cc:, and Bcc: fields for a single email message.
Note: For the purposes of the recipient rate limit and the recipient limit, a distribution group that is stored in the organization's shared address book counts as one recipient. In a personal distribution list, each recipient is counted separately.
Message rate limit
Message rate limits determine how many messages a user can send from their Exchange Online account within a specified period of time. This limit helps prevent overconsumption of system resources by a single sender. If a user submits messages at a rate that exceeds the limit via SMTP client submission, the messages will be rejected and the client will need to retry.
| Feature |
Office 365 |
| Recipient limit |
500 recipients |
| Recipient rate limit |
10,000 recipients per day |
| Message rate limit (SMTP client submission only) |
30 messages per minute |