Binance CEO says users moved billions to self-custody after MiCA
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Binance chief Richard Teng said that as the EU MiCA regime took effect, about 70% of user funds leaving Binance went to self-hosted wallets while only 30% moved to MiCA-regulated entities. Binance failed to secure MiCA approval and withdrew its Greek application, requiring it to let EU users move funds and halt new EU sign-ups. CryptoQuant data showed USDC reserves on Binance fell about 21% from over $6 billion to $4.47 billion and USDT reserves also dipped, with daily stablecoin outflows averaging $115 million; the EU watchdog is reviewing MiCA for tokenization and DeFi.
Seventy percent of Binance outflows reportedly went to self-hosted wallets
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