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Most EU Binance withdrawals post-MiCA went to self-custody wallets
Binance co-CEO Richard Teng said about 30% of withdrawn funds went to MiCA-regulated platforms, while up to 70% moved to wallets users controlled themselves after July 1.
Binance said that after the EU Markets in Crypto-Assets framework took effect on July 1, EU customers withdrew most departing balances to self-custody wallets rather than to other MiCA-regulated exchanges or platforms, according to CryptoSlate.
The company reported that up to 70% of the funds EU users withdrew after July 1 went to wallets they controlled, while only about 30% were sent to platforms regulated under MiCA, Reuters? not present, or rather CryptoSlate says these figures were reported by Binance and were not independently audited.
CryptoSlate noted the split occurred as the European Securities and Markets Authority told firms without authorization to execute wind-down plans when the transition ended on July 1, with guidance identifying both transfers to authorized crypto-asset service providers and transfers to self-hosted wallets as acceptable destinations.
Binance said the reported outcome reflects that MiCA can remove unauthorized intermediaries from serving EU clients, but it cannot compel users to choose another custodian instead of holding their own keys, while self-custody shifts security, recovery, and transaction responsibility to the user.