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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 provide.
Binance halted services for affected European customers after withdrawing its MiCA license application in Greece before the July 1 transition deadline. Additionally, Teng said the company made the decision because regulatory approval delays created uncertainty for users.
Binance Targets Asia While Eyeing Europe
Despite its European setback, Binance continues pursuing expansion opportunities. Teng revealed that several EU jurisdictions have encouraged the exchange to submit fresh licensing applications.
However, he declined to identify those countries. Besides Europe, Binance plans rapid growth across Asia, where it already holds multiple licenses and recently entered the Philippines through a local partnership. Moreover, Teng said Binance now serves approximately 323 million users worldwide, highlighting the exchange’s continued global expansion.
Related: Cango Announces New Share Consolidation Structure to Counter Regulatory Challenges
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