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The EU's Markets in Crypto-Assets (MiCA) regulation took full effect on July 1, 2026, and the early data is already telling a clear story: crypto users aren't just moving coins off Binance — they're taking them out of exchanges entirely. The regulation, the first comprehensive legal framework for crypto assets in the European Union, appears to be driving a shift toward self-custody. Binance co-CEO Richard Teng disclosed this week that roughly 70% of user assets withdrawn from the exchange since MiCA enforcement are moving to private wallets. He described the trend as a "massive migration" of European crypto holdings.

The disclosure comes just over three weeks after MiCA's enforcement date, a period in which Binance has processed a significant volume of withdrawal requests from EU-based users. Teng's comments offer the first public quantification of how the regulation is affecting exchange balances.

The 70% figure

Teng's disclosure offers the first concrete look at how the landmark regulation is reshaping user behavior in real time. According to the Binance co-CEO, the overwhelming majority of withdrawals from the platform are not flowing to other exchanges but to private wallets. That suggests many European holders are choosing to control their own private keys rather than leave funds on compliant but centralized platforms.

What's driving the shift

MiCA imposes rigorous licensing, reporting, and consumer protection requirements on crypto-asset service providers operating in the EU. While the regulation aims to bring clarity and stability to the market, it also appears to be pushing some users toward self-custody. Self-custody wallets fall outside MiCA's scope, meaning users who move assets to private wallets are not subject to the same compliance obligations as exchange customers. Whether the shift reflects compliance costs passed on to customers, privacy concerns, or a general distrust of centralized platforms isn't clear from the available data, but the magnitude of the outflow is hard to ignore.

For Binance, the outflow represents a notable loss of assets under management in one of the world's largest regulated markets. The exchange has been working to secure MiCA licenses across member states, but the early post-enforcement numbers suggest some clients are taking a wait-and-see approach — or exiting centralized custody altogether. Teng's public acknowledgment of the 70% figure signals that Binance is aware of the trend and may be bracing for further withdrawals as MiCA enforcement continues. Other exchanges operating in the EU could face similar outflows, though it's too early to tell whether Binance's experience is typical.

The next milestone to watch is whether other major exchanges report similar patterns — and whether regulators begin to address the self-custody surge as part of the broader MiCA implementation.