Binance CEO: MiCA is backfiring, pushing users to self-custody

Binance CEO Richard Teng has argued that the European Union's Markets in Crypto-Assets (MiCA) regulation is backfiring, according to BeInCrypto. Speaking at the Reuters Next Asia Summit in Singapore, Teng said that since MiCA's implementation, most departing users are moving their funds to self-custody wallets rather than to platforms with MiCA licenses. He stated this trend undermines the law's original intent, as exchanges operate with anti-money laundering (AML) and know-your-customer (KYC) procedures that self-custody wallets lack. Teng emphasized that it would be better for regulators to focus on licensing compliant companies. Meanwhile, Binance withdrew its MiCA license application in Greece and suspended services for new EU customers on July 1.