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FollowingBinance Joint CEO discloses capital flow
Binance Joint CEO @_RichardTeng revealed that after the exchange failed to obtain MiCA permission, most of the funds withdrawn by European users did not flow to regulated competitors. Instead, the vast majority of funds were transferred to self-custodial wallets. The discovery hits the heart of the increasingly heated debate: whether the EU\'s flagship crypto framework is working as expected.
Where did the funds flow?
According to Teng, about 70% of users who transferred assets from the platform after the MiCA transition period transferred funds to self-managed wallets, and only about 30% transferred funds to platforms regulated by MiCA. Teng, speaking at the Reuters NEXT Asia conference in Singapore on July 9, questioned whether MiCA had achieved its consumer protection goals. He pointed out that self-managed wallets receive less regulatory supervision than licensed exchanges.
Overall withdrawal data further highlights the scale of the turmoil. According to relevant data analysis, Binance recorded a net outflow of US$1.23 billion in the week ending June 29, an increase of 207% from approximately US$400 million in the previous week.
This transition has also intensified competition among exchanges holding MiCA licenses. Reports show that app downloads on an exchange increased by 158% between June 24 and July 5.
MiCA Background
Teng\'s comments were based on the fact that Binan withdrew its MiCA application submitted in Greece through the Greek Capital Markets Committee on June 24. Earlier reports said the regulator had planned to reject the application before a July 1 deadline that reshaped the European market. After the EU transition period expired on July 1, the European Securities and Markets Authority said crypto companies must provide services to EU customers through MiCA-authorized entities. Binance withdrew its application for a license after learning that Greek regulators planned to reject its application.
Data on outflows of funds from custody provides ammunition to critics who believe MiCA\'s strict deadline has had unexpected consequences. However, Binance\'s own regulatory history-including the $4.3 billion U.S. settlement reached in 2023-is why some European authorities are cautious about it, and why compliance competitors such as Coinbase and Ripple have been granted licenses while Binance failed.
Teng\'s view directly challenges Brussels: Far from guiding users into regulated venues, strict licensing deadlines may push them into places that are more difficult for regulators to reach.
Binance is currently exploring a new license path into Europe. Teng confirmed that Binance was in negotiations with some regulators that invited it to apply for a license. He told a Reuters NEXT Asia conference that discussions were still in the \"preliminary stage\" and declined to disclose specific jurisdictions.
