Singapore · Abu Dhabi · The Block
Binance co-CEO confirms 70% of EU withdrawals went to self-custody after MiCA deadline, with just 30% going to licensed services
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Most funds withdrawn by Binance's european users following the exchange's EU service suspension were transferred to self-custodied wallets rather than rival MiCA -regulated exchanges, according to figures shared by Binance co-CEO Richard Teng.
Key facts
- He said the Financial Services Regulatory Authority in Abu Dhabi supervises the company's governance, AML, KYC, transaction monitoring, listing policies, and wallet management after what he described
- Teng also highlighted Binance's recent growth, saying the exchange now serves about 323 million users globally out of roughly 740 million people with crypto exposure worldwide
- Binance suspended services for affected EU users after withdrawing its MiCA license application in Greece ahead of the bloc's licensing transition deadline on July 1
- Last month, Binance founder Changpeng Zhao told The Block the application had been close to approval before what he described as "political forces" intervened, prompting the company to withdraw
Summary
Speaking at the Reuters NEXT Asia summit in Singapore on Thursday, Teng argued the figures raise questions about whether MiCA is serving its intended purpose of reducing risk for users. "Does the MiCA regime then serve its purpose to make sure that you minimize risk for the users because once it goes into self-hosted wallet, the risk amplified," Teng said. Binance suspended services for affected EU users after withdrawing its MiCA license application in Greece ahead of the bloc's licensing transition deadline on July 1. Last month, Binance founder Changpeng Zhao told The Block the application had been close to approval before what he described as "political forces" intervened, prompting the company to withdraw the filing and pursue authorization in another EU member state.