When sending an S/MIME mail with GpgOL according to the forum Exchange 2016 returns an error ( https://wald.intevation.org/forum/message.php?msg_id=5745&group_id=11 )
I myself can reproduce this with an Outlook.com account.
Generating server: VE1EUR02HT158.mail.protection.outlook.com
aheinecke@intevation.de
Remote Server returned '550 5.6.0 M2MCVT.StorageError.Exception: ConversionFailedException, Content conversion: Invalid S/MIME encrypted message.; storage error in content conversion.'