70% of EU Binance Withdrawals Went to Self‑Custody, Co‑CEO Says

At a conference in Singapore, Binance co‑CEO Richard Teng disclosed that about 70% of funds withdrawn by EU users after the exchange suspended services were moved to self‑custody wallets, with the remaining 30% transferred to licensed platforms. The withdrawals followed Binance's decision to withdraw a Markets in Crypto‑Assets (MiCA) license application filed in Greece before the EU's July 1 licensing transition deadline.

Teng noted assets placed in self‑custody wallets are not subject to the oversight, anti‑money‑laundering checks or know‑your‑customer controls that apply to regulated exchanges. He questioned whether the MiCA regime reduces user risk once funds are moved out of regulated platforms, asking: “Does the MiCA regime then serve its purpose to make sure that you minimize risk for the users because once it goes into self‑hosted wallet, the risk actually amplified?”

The filing in Greece was withdrawn after approval delays, Teng explained, and the company sought authorization in another EU member state. Binance founder Changpeng Zhao has asserted the application was close to approval before political intervention, prompting that shift.

Teng told attendees Binance has not abandoned Europe and that several EU jurisdictions invited the company to apply for local licenses, though he did not identify them. He described Binance as operating under a single home regulator, the Financial Services Regulatory Authority in Abu Dhabi, which he added completed an 18‑month review covering governance, AML and KYC procedures, transaction monitoring, listing policies and wallet management.

Teng outlined plans to expand in Asia, noting current licenses in Japan, South Korea, Thailand, Indonesia, Australia, India and Pakistan, and recent operations launched in the Philippines through a partnership with Blockshow. He expects additional regional licenses this year and noted the platform serves about 323 million users globally out of roughly 740 million people with crypto exposure. The MiCA framework is designed to apply licensing, consumer protections and market rules across the EU; assets moved to private wallets fall outside the supervision it is meant to enforce.