Binance posts over $400M in weekly net outflows as MiCA deadline nears

Binance reported more than $400 million in weekly net outflows in the week beginning June 22 as the EU’s MiCA transition deadline approached. The outflows intensified after Binance withdrew its MiCA license application in Greece, but the article says the flows are not unusual relative to Binance’s typical high-volume activity. Binance plans to restrict onboarding and some services for affected EU users starting July 1, while telling some users to move funds to self-custody or other exchanges. Rivals such as OKX, Bitget, and Bitfinex saw inflows during the same period, but the article suggests there is no clear evidence of a mass user migration away from Binance. The main market takeaway is regulatory pressure in Europe is forcing operational adjustments, but the immediate impact on Binance’s overall asset base appears limited.