70% of Binance EU Users' Assets Transferred to Self-Custody Wallets

Binance co-CEO Richard Teng revealed that after suspending services for some EU users, approximately 70% of user assets have flowed into self-custody wallets, with only 30% transferred to licensed platforms compliant with MiCA.

This data comes from Binance's proactive withdrawal and suspension of services due to the rejection of its MiCA license application in Greece. Teng pointed out that self-custody wallets are not subject to AML and KYC regulations, which may increase risks.

Market mechanisms show that user assets are flowing from regulated platforms to unregulated self-custody, indicating that the regulatory framework has failed to effectively guide funds to remain in compliant channels, putting pressure on platforms like Binance while benefiting self-custody service providers.

Source: Public Information