Binance co-CEO says 70% of EU withdrawals went to self-custody after MiCA deadline, with just 30% going to licensed platforms

Following Binance's temporary suspension of services in the EU, Richard Teng revealed that a significant 70% of user funds were moved to self-custody solutions instead of regulated platforms, despite the implementation of the Markets in Crypto-assets (MiCA) regulations. This shift indicates a strong preference for greater control over one's assets, suggesting skepticism towards traditional exchanges' regulatory frameworks. The trend underscores the ongoing debate about the balance between regulatory oversight and user autonomy in the crypto space.