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BTC 
ETH Binance CEO: 70% of EU users withdraw coins to self-managed wallets, highlighting their preference for self-managed
Binance CEO Richard Teng said that 70% of EU users \'withdrawals go to self-managed wallets, rather than platforms regulated by MiCA. This reflects the strong preference of European crypto users for self-managed in the new regulatory environment.
Teng shared the data in a post on Binance Plaza, viewing the withdrawal pattern as evidence that users choose to hold their own private keys rather than migrate to other licensed exchanges operating under the framework of the EU Cryptographic Asset Markets Regulation (MiCA).
What does 70% data reveal?
This statistic clearly points to users \'hosting preferences. When EU users withdraw funds from Binance, seven in ten users transfer assets to self-managed wallets-that is, wallets where only the user controls the private key and no intermediary holds funds on his behalf.
The remaining withdrawals did not flow mainly to MiCA-regulated competitors. This diversion suggests that users are not just looking for another exchange with a European license, but are abandoning centralized custody altogether, at least for the assets they withdraw.
This model is consistent with the withdrawal activity tracked by Binance as a whole. Recent online data shows that the newly created wallet has withdrawn hundreds of bitcoins from Binance, while large holders have transferred thousands of Ethereum pieces from Binance and pledged them through a decentralized protocol.
Why is the MiCA regulatory platform not the preferred destination?
MiCA, as the EU\'s comprehensive crypto regulatory framework, requires exchanges and custodians operating in Europe to obtain specific licenses. Part of the regulation aims to create a regulated market where users can trade on compliance platforms.
Teng\'s data suggests that at least for these withdrawals by Binance, this result has not been achieved as regulators had expected. Instead of turning to licensed alternative platforms, users opted for direct hosting.
Binance itself faces challenges in obtaining MiCA authorization in Europe. The exchange suffered setbacks in obtaining an EU license through Greece, which also provided context for why some users needed to transfer funds in the first place.
This withdrawal model does not necessarily mean a general rejection of regulated platforms. It may indicate that users who already hold cryptocurrencies on Binance prefer the flexibility and control of self-custody rather than the cumbersome process of moving to a new exchange under a different regulatory framework.
Summary of Points
● Binance CEO said that 70% of EU user withdrawals go to self-managed wallets rather than other exchanges.
● The MiCA regulatory platform is not the main destination for European users to transfer funds from Binance.
● Data shows that during the MiCA transition period, EU crypto holders showed a strong preference for self-custody.
