By Isaac • July 11, 2026 12:33 pm •
Binance’s MiCA cutoff did not send most affected European money to a licensed rival.
Most of it went off exchanges entirely.
Binance co-CEO Richard Teng says 70% of the funds withdrawn by affected EU users moved to self-custodied wallets after the exchange suspended services. Only 30% went to platforms authorized under the European Union’s Markets in Crypto-Assets regulation.
NEW: Binance co-CEO Richard Teng says 70% of EU user withdrawals moved to self-custodied wallets after the exchange failed to secure MiCA authorization in time.
Just 30% of withdrawn funds went to MiCA-regulated platforms, Teng said at Reuters NEXT Asia, questioning whether the… pic.twitter.com/0nbZV4VxbL
— The Block (@TheBlockCo) July 10, 2026
A The Block report says Teng
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