Overview
- Binance withdrew its MiCA licence application in Greece on June 24 and paused EU onboarding and some services while saying it will seek authorisation in another member state.
- The exchange reported about $1.23 billion in net outflows in the week beginning June 29 as users moved funds after the pause.
- Binance co‑CEO Richard Teng said roughly 70% of withdrawn EU funds went to self‑hosted wallets and about 30% moved to MiCA‑compliant platforms.
- Binance says it remains in close talks with EU regulators, has been invited by multiple jurisdictions to reapply, and is accelerating licence bids and partnerships across Asia, including the Philippines.
- Regulators have enforced MiCA’s July 1 deadline, licensed a limited set of crypto firms and custody providers, and competing authorised venues and custodians are actively courting displaced users, raising questions about consumer protection if users move to self‑custody.