Binance Co-CEO: Around 70% of EU Users' Assets Moved to Self-Custody Wallets After MiCA Implementation

BlockBeats News, July 10th, Binance Co-CEO Richard Teng stated at the Singapore Reuters NEXT Asia Summit that after Binance suspended services to some European users, about 70% of user withdrawal assets flowed to self-custody wallets, with only 30% transferred to licensed platforms compliant with MiCA regulations.

Richard Teng stated that this data has led to reflections on the regulatory goals of MiCA. He pointed out that self-custody wallets are not bound by the regulatory frameworks such as Anti-Money Laundering (AML) and Know Your Customer (KYC) of regulated exchanges, and the risk may actually increase when users' assets are moved to self-custody.

Prior to this, Binance withdrew its application for a MiCA license in Greece after failing to receive approval before the July 1st deadline, and voluntarily suspended relevant services to affected EU users. Richard Teng mentioned that Binance has not given up on the European market and has been invited by several EU countries to reapply for local licenses, without disclosing specific countries.

In addition, Richard Teng stated that Binance plans to continue accelerating its expansion in the Asian market. Binance has already obtained relevant licenses or permits in markets such as Japan, South Korea, Thailand, Indonesia, Australia, India, and Pakistan, and expects to receive more regulatory approvals this year. Currently, Binance's global user base has grown to approximately 323 million.