Richard Teng said most European Union user outflows moved to wallets users control themselves rather than to platforms regulated under MiCA, the EU’s crypto rulebook.
Binance CEO Richard Teng said 70% of European Union user withdrawals were sent to self-hosted wallets rather than to MiCA-regulated platforms. The comment points to how users may be choosing direct custody of their crypto over transfers to intermediaries operating under MiCA (EU crypto regulatory framework). The statement highlights a key market dynamic in Europe as the bloc rolls out its new digital-asset rules.