This error is generated with Laravel 8 rather than Exchange online. I would suggest you try to send email from PowerShell when this error occur, if you could send email from PowerShell, it means there doesn't exist issue with Exchange online side.
Based on my searching, Laravel 8 requires Office 365 disable the security default configuration, here is a similar thread: Using Office 365 SMTP server
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For more detailed requirements, I suggest you confirm with Laravel 8. I also help you add the Exchange development to this thread.
At the same time, I suggest that you do not send a large number of emails in a short time, otherwise your account may be temporarily banned from sending.
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