Binance recorded over $400 million in net outflows during the week beginning June 22, as the cryptocurrency exchange announced the withdrawal of its Markets in Crypto-Assets Regulation (MiCA) license application in Greece.<\/p>\n
According to DefiLlama data<\/a> viewed by Cointelegraph on Sunday, Binance’s seven-day net outflows amount to 0.3% of its $133.3 billion in tracked assets. Excluding BNB, Binance’s native token, the outflows equal 0.35% of the exchange’s $113.8 billion in crypto assets.<\/p>\n \n Binance led tracked exchanges in weekly net outflows. Source: <\/em>DefiLlama<\/em><\/a><\/p>\n Binance recorded $1.96 billion in daily net outflows on Wednesday, when it announced the withdrawal of its MiCA license application<\/a> in Greece. The exchange then saw another $2.52 billion and $1.46 billion in net outflows over the following two days.<\/p>\n The scale of outflows is not unusual for Binance, which regularly records billions of dollars in daily inflows and outflows. The data also does not identify the geographic origin of the fund movements.<\/p>\n The outflows came during the final week before the European Union’s MiCA transition deadline. Starting July 1, Binance will restrict onboarding and some services for affected EU users.<\/p>\n \n Daily net flows in the billions of dollars are not unusual for Binance. Source: DefiLlama<\/em><\/p>\n Several rival exchanges have sought to attract Binance users ahead of the bloc\u2019s deadline.<\/p>\n OKX, one of the most vocal exchanges courting Binance users, recorded $285.5 million in net inflows over the same period, according to DefiLlama’s tracking of exchange reserve wallets, including those disclosed through proof-of-reserves programs. The exchange received MiCA authorization in Malta in January 2025.<\/p>\n However, OKX was third in weekly net inflows, behind Bitget\u2019s $710 million and Bitfinex\u2019s $400 million. Neither exchange appears<\/a> on the European Securities and Markets Authority\u2019s (ESMA) interim MiCA register, which was last updated on Friday.<\/p>\n Related: <\/strong><\/em>Spain regulator rules out extension for non-MiCA compliant crypto companies<\/strong><\/em><\/a><\/p>\n CryptoQuant analyst Maartunn recently told Cointelegraph that euro trading accounts for just 1%<\/a> of Binance\u2019s spot volume, which may limit potential MiCA-related setbacks for the exchange.<\/p>\n However, Binance\u2019s public messaging<\/a> is that the company intends to continue pursuing a MiCA license, despite being on pace to miss the July 1 buzzer.<\/p>\n \u201cAs for Binance and Europe, we take this market seriously. It’s a small part of our business, but an important one, and we’re committed to the EU and our customers there,\u201d Yi He, a co-founder of the exchange, said<\/a> on Friday.<\/p>\n Meanwhile, Binance has started telling some EU users to move funds to self-custodial wallets or other exchanges.\u00a0<\/p>\n A Binance representative told Cointelegraph that the restrictions vary depending on users\u2019 jurisdictions<\/a> and that no action is required for users not served through a local registered entity.<\/p>\n ESMA said in a June 23 statement that crypto service providers unlicensed by July 1 must take \u201cimmediate steps\u201d to wind down EU activities, and limit services to actions to sell, transfer, relocate assets or close positions.<\/p>\n![\"\"](\"https:\/\/s3-images.ctmedia.io\/media\/content\/pasted-image-457.jpeg\")
<\/figure>\n<\/p>\nMiCA winners are less clear than expected<\/h2>\n
Binance says Europe still matters<\/h2>\n