Key facts
- Binance is exploring new European licenses after withdrawing its application in Greece.
- Co-CEO Richard Teng confirmed that multiple EU member states have invited Binance to apply for a MiCA license.
- Teng stated that 70% of EU users who withdrew funds from Binance opted for self-custody.
- Binance experienced net outflows of $1.23 billion in the week of June 29.
- Binance is pursuing expansion in Asia, with operations in the Philippines via Blockshoals Technologies.
Binance is actively seeking new licensing opportunities within Europe, even as it navigates the complexities of the Markets in Crypto-Assets Regulation (MiCA). Co-CEO Richard Teng revealed that regulators have invited the exchange to apply for new licenses, following Binance's decision to withdraw its MiCA application in Greece. This move came as a surprise to Binance, which believed its application was compliant, but faced delays in approval.
Teng expressed skepticism about MiCA's effectiveness in protecting consumers, citing data that 70% of EU users who withdrew funds from Binance opted for self-custody rather than moving to MiCA-regulated entities. He argued that self-hosted wallets, which receive less regulatory oversight, are a more popular choice for many users. This trend coincided with a significant increase in Binance's net outflows, reaching $1.23 billion in the week of June 29.
Beyond Europe, Binance is continuing its expansion across Asia, with existing or planned operations in Japan, Korea, Thailand, Indonesia, Australia, and the Philippines. In the Philippines, Binance operates through a partnership with BlockShoals Technologies, navigating a regulatory landscape where crypto trading falls under the Securities and Exchange Commission, while central bank-regulated services require separate authorization.