Binance Co-CEO: Around 70% of EU users' assets moved to self-custody wallets after MiCA came into effect.

Binance Co-CEO Richard Teng told attendees at Singapore’s Reuters NEXT Asia Summit that following Binance’s suspension of services to some European Union (EU) users, roughly 70% of users’ withdrawn crypto assets flowed into self-custody wallets, while only 30% moved to MiCA-compliant licensed platforms. Teng noted this figure has sparked reflection on MiCA’s regulatory objectives, pointing out that self-custody wallets are not subject to anti-money laundering (AML) and know-your-customer (KYC) frameworks applicable to regulated exchanges, meaning user assets may face heightened risks when transferred to self-custody. Earlier, Binance withdrew its MiCA license application in Greece after it failed to secure approval by the July 1 transition deadline, prompting the suspension of services to affected EU users. Teng added that Binance has not abandoned the European market, with multiple EU countries inviting the firm to reapply for local licenses—though he did not specify which nations. Additionally, Teng said Binance plans to continue accelerating its expansion in the Asian market, having already obtained relevant licenses or permits in markets including Japan, South Korea, Thailand, Indonesia, Australia, India, and Pakistan, with more regulatory approvals expected this year. Binance’s global user base has now risen to around 323 million.