Binance CEO Says 70% of EU Crypto Withdrawals Shifted to Self-Custody After MiCA Deadline
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After Binance's EU service suspension at the MiCA deadline, co-CEO Richard Teng said roughly 70% of withdrawn crypto moved into private self-custody wallets while only about 30% went to MiCA-licensed trading platforms. The shift signals strong user preference for self-custody and raises questions about MiCA's practical impact on AML/KYC oversight, CEX compliance, crypto adoption and security dynamics.
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Most European users who withdrew assets from Binance after its EU service suspension chose self-custody instead of regulated exchanges. Binance co-CEO Richard Teng said roughly 70% of withdrawals moved into private wallets, while only 30% reached MiCA-licensed trading platforms.
The trend suggests many users prioritized direct control over their digital assets despite the European Union’s push for stronger oversight under its Markets in Crypto-Assets framework. Consequently, the migration has renewed debate about whether tighter regulations can achieve their intended consumer protection goals.
Teng Questions MiCA’s Practical Impact
Teng argued that funds held in self-custodied wallets no longer remain within regulated compliance systems. Consequently, authorities lose visibility through anti-money laundering and know-your-customer monitoring that licensed exchanges pro…
Read The Full Article Binance CEO Says 70% of EU Crypto Withdrawals Shifted to Self-Custody After MiCA Deadline On Coin Edition.
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