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Binance Co-CEO: About 70% of Users Withdrew Their Funds to Self-Custody Wallets Following the Suspension of Services in the EU
Svmuu News: Richard Teng, Co-CEO of Binance, stated that after Binance suspended some of its EU services due to the MiCA transition deadline, approximately 70% of the funds withdrawn by affected users flowed into self-custody wallets, while about 30% were transferred to licensed, compliant platforms.Richard Teng believes this outcome reflects the practical challenges MiCA may face in mitigating user risks, as funds transferred to self-custody wallets are no longer subject to 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 continue accelerating its expansion in the Asian market. (The Block)
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