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FollowingKey Points
Contents of Articles
Key Points
Reasons behind the withdrawal of Binance's European business
Asian market expansion is accelerating
Binance Co-CEO Richard Teng revealed that after European users withdrew funds, 70% of assets were transferred to self-managed wallets. However, after Binance suspended EU services, only 30% of its withdrawal assets were transferred to platforms that complied with MiCA regulations.
Due to regulatory approval delays, the exchange withdrew its MiCA license application in Greece before the July 1 compliance deadline.
Teng questioned whether MiCA could effectively protect consumers. As a large number of users are turning to self-managed wallets
Binance is shifting its focus to an aggressive Asian expansion strategy, having obtained licenses in seven regional markets
As Binance stopped serving EU customers before the July 1 MiCA compliance deadline, regulators had expected users to switch to other licensed service providers. However, the actual situation is completely different.
Binance co-CEO Richard Teng disclosed remarkable data at the Reuters NEXT Asia Summit in Singapore on Thursday: After the service suspension, about 70% of the assets withdrawn by European users went into self-managed wallets. Only 30% moved to exchanges operating under the MiCA framework.
Teng raised sharp doubts about this: "Has the MiCA system truly achieved the goal of reducing user risks? Because once assets enter the self-managed wallet, the risk is actually amplified. "
Self-managed wallets are completely outside the regulatory framework of licensed trading platforms. Users do not need to be KYC certified, have no transaction monitoring, and receive no consumer protection once they lose wallet access.
Reasons behind Binance's withdrawal from Europe
Binance withdrew its Greek MiCA license application ahead of the July 1 regulatory transition period. According to Teng, although the application materials fully complied with compliance requirements, the platform finally decided to withdraw the application due to repeated delays in approval.
He explained that the move was designed to avoid exposing users to extremely hasty transition periods. Last month, Binance founder Zhao Changpeng said that the application was close to approval, but the intervention of what he called "political forces" disrupted the process.
However, Teng emphasized that Binance has not given up on the European market. Several EU countries have invited the exchange to apply for a local license, but he did not disclose the name of the specific country.
Asian market expansion accelerates
Binance is currently diverting resources to the Asian market. Teng announced "quite aggressive" regional expansion plans.
The exchange has received regulatory approvals from Japan, South Korea, Thailand, Indonesia, Australia, India and Pakistan. Recently, it has also launched business in the Philippines through cooperation with Blockshow.
Teng expects to obtain more regional licenses before the end of the year.
In terms of supervision, Teng pointed out that the Abu Dhabi Financial Services Regulatory Authority conducts comprehensive supervision of Binance operations, covering governance, anti-money laundering procedures, KYC processes, transaction monitoring and wallet management. This evaluation process lasts for 18 months.
Binance currently has approximately 323 million users worldwide. The platform estimates that approximately 740 million people are exposed to cryptocurrencies globally.
European data shows that most users choose self-hosting rather than regulatory platforms, which may force regulators to reassess MiCA's implementation strategies in member states.
