POPA ReconBinance CEO: 70% of EU User Withdrawals Moved to Self-Custodied Wallets After MiCA Exit
Binance CEO: 70% of EU User Withdrawals Moved to Self-Custodied Wallets After MiCA Exit Binance CEO Richard Teng said that following the exchange’s suspension of services in the European Union due to MiCA licensing issues, around 70% of funds withdrawn by EU users were transferred to self-custodied wallets, while only 30% moved to MiCA-compliant regulated platforms. Teng argued that the migration toward self-custody raises questions about whether MiCA is achieving its intended consumer protection goals, as self-hosted wallets operate outside the oversight applied to licensed exchanges. He add…
The excerpt is quoted from a public Telegram channel, which owns its text.