Binance Loses $400M Ahead of MiCA

Binance recorded more than $400 million in net outflows as the European Union prepares to fully enforce its Markets in Crypto-Assets (MiCA) regulation.

According to data from DefiLlama, Binance posted the largest weekly net outflow among major cryptocurrency exchanges. Since June 22, withdrawals have exceeded deposits by more than $400 million.

However, this figure does not mean only $400 million left the exchange. Binance processes billions of dollars in transfers every day. On Wednesday, following reports that the company had withdrawn its MiCA license application in Greece, daily net outflows reached $1.96 billion. DefiLlama recorded additional net outflows of $2.52 billion and $1.46 billion over the following two days.

The overall weekly figure remained significantly lower because the exchange also received substantial inflows during the same period. As a result, the final weekly balance stood at just over $400 million in net outflows.

The withdrawals coincided with the final week of the EU's MiCA transition period. Starting July 1, Binance is expected to restrict new user registrations and limit certain services for selected customers across the European Union.

Several competing exchanges appear to be benefiting from the situation. During the same period, OKX recorded $285.5 million in net inflows. The exchange has been authorized under MiCA in Malta since January 2025.

Even stronger results were reported by Bitget and Bitfinex. Bitget attracted $710 million in net inflows, while Bitfinex recorded $400 million. However, neither exchange currently appears in ESMA's temporary MiCA register, which was most recently updated on Friday.

Despite the recent outflows, Binance says Europe remains an important market. On Friday, co-founder Yi He stated that although Europe represents only a small share of Binance's overall business, it remains strategically significant for the company. Binance also reaffirmed its intention to obtain a MiCA license.

At the same time, Binance has begun informing some EU users that they may transfer their assets to self-custody wallets or other exchanges. A company spokesperson explained that the restrictions depend on the user's country of residence. Customers who are not served by a locally registered Binance entity do not need to take any action.

On June 23, the European Securities and Markets Authority (ESMA) announced that crypto firms without a MiCA license must begin winding down their operations in the EU from July 1. Their services will be limited to selling, transferring, or moving client assets and closing existing positions.