Binance Co-CEO: After EU Service Suspension, ~70% of Users Withdrew Funds to Self-Custodial Wallets

Odaily Odaily reports that Binance Co-CEO Richard Teng stated that after Binance suspended some EU services due to the MiCA transitional deadline, approximately 70% of the funds withdrawn by affected users flowed to self-custodial wallets, while about 30% were transferred to licensed and compliant platforms. Richard Teng believes this outcome reflects that MiCA may face practical challenges in reducing user risks, as funds transferred to self-custodial wallets are no longer under the exchange's anti-money laundering, KYC, and regulatory frameworks. Binance has not abandoned the European market and is maintaining communication with multiple EU jurisdictions. At the same time, Binance plans to accelerate its expansion in the Asian market. (The Block)