Binance Co-CEO: After EU Service Suspension, Approximately 70% of Users Withdrew to Self-Custody Wallets

TechFlow reports, July 10, according to The Block, Binance Co-CEO Richard Teng stated that after Binance suspended some EU services due to the MiCA transition deadline, approximately 70% of the funds withdrawn by relevant users flowed to self-custody wallets, while approximately 30% were transferred to licensed compliant platforms. Teng believes that this result reflects that MiCA may face practical challenges in reducing user risks, because once funds are transferred to self-custody wallets, they are no longer under the exchange's anti-money laundering, KYC, and regulatory framework.

He also stated that Binance has not abandoned the European market and is maintaining communication with multiple EU jurisdictions; meanwhile, Binance plans to continue accelerating its expansion in the Asian market.