Binance CEO says users moved billions to self-custody after MiCA
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
Context
MiCA has just come into effect. Binance did not get MiCA approval and withdrew its Greek application. The EU watchdog is now reviewing MiCA and could change rules for tokenization and DeFi.
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