MiCA cutoff drives 70% of Binance EU withdrawals to self-custody, signaling regulatory flight from licensed exchanges

Richard Teng says affected Binance EU users sent 70% of withdrawn funds to self-hosted wallets after the July 1 licensing deadline, while MiCA-regulated platforms captured 30%. Teng argues this undercuts MiCA’s risk-reduction goal because self-custody sits outside exchange AML and KYC controls; Binance withdrew its Greek application before the cutoff and suspended affected services on July 1. He says unnamed EU jurisdictions have invited fresh applications while Binance expands across Asia, where it claims licenses in Japan, South Korea, Thailand, Indonesia, Australia, India, and Pakistan.

TLDR by @Benthic

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