Binance suspended its services for affected European Union users after withdrawing its MiCA license application in Greece, ahead of the July 1 transition deadline.
According to data shared by Binance co-CEO Richard Teng, 70% of the funds withdrawn by European users moved to self-custody wallets, while only the remaining 30% migrated to regulated platforms under the MiCA framework.
Teng presented these figures at the Reuters NEXT Asia summit in Singapore, where he questioned whether the regulation meets its stated goal of reducing supposed risks for users, given that assets held in self-custody wallets fall outside the AML and KYC controls that apply to regulated exchanges.
Binance founder Changpeng Zhao had noted last month that the application was close to approval before, in his words, “political forces” intervened. Despite exiting the bloc, Teng confirmed that several European jurisdictions invited Binance to apply for local licenses.
The company also plans to expand “quite aggressively” across Asia, where it already operates with licenses in Japan, South Korea, Thailand, Indonesia, Australia, India and Pakistan, and recently launched operations in the Philippines.
Source: https://www.reuters.com/video/watch/idRW647109072026RP1/
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