Binance CEO Says MiCA Backfires as EU Users Flee to Self-Custody

Binance co-CEO Richard Teng stated on July 9 that MiCA is driving 70% of affected EU users to self-hosted wallets rather than licensed platforms. The claim follows Revolut’s August 31 USDT delisting for EU customers after Tether skipped MiCA authorization and Binance’s own withdrawal of its Greek license application. Earlier Kaiko data had shown minimal market disruption, with USDT retaining 70% of spot stablecoin volume and Bitcoin liquidity remaining resilient through 2025. Full MiCA enforcement on July 1 has now accelerated compliance exits, shifting activity away from regulated venues and reducing oversight.