Exchange records weekly outflows after withdrawing its MiCA filing in Greece.
Binance continues pursuing MiCA authorisation despite Greece withdrawal
Photo Credit: Unsplash/Fabian Kleiser
Net outflows at Binance were above $400 million (roughly Rs. 3,779 crore) for the week starting from June 22 after the cryptocurrency platform stated that it is withdrawing its Markets in Crypto-Assets Regulation (MiCA) license application from Greece. Data obtained from DefiLlama showed that the weekly net outflow at Binance is 0.3 percent of its $133.3 billion (roughly Rs. 12,59,418 crore) of total assets. Excluding BNB, the amount represents 0.35 percent of the $113.8 billion (roughly Rs. 10,75,182 crore) worth of crypto assets held by the exchange. Post July 1, Binance will limit services for such EU users.
As per the data, Binance had daily net outflows of $1.96 billion (roughly Rs. 18,518 crore) on Wednesday, after which the company stated that it was withdrawing from its license application for the MiCA in Greece. Binance then had an additional daily net outflow of $2.52 billion (roughly Rs. 23,809 crore) and $1.46 billion (roughly Rs. 13,794 crore). It is not an extraordinary amount for Binance, since it normally receives billions of dollars worth of transactions every single day. Another thing that the information lacks is the location from which these funds originate.
Several competing exchanges tried to lure customers from Binance before the deadline for the bloc. OKX, one of the exchanges that had been making noise about luring Binance users, saw a total of $285.5 million (roughly Rs. 2,697 crore) in net deposits during the period, according to DefiLlama's tracking of exchange reserve wallets, including those disclosed through proof-of-reserves programs.
OKX obtained its MiCA license in Malta in January 2025. Yet, OKX came third in weekly net flows, following Bitget at $710 million (roughly Rs. 6,708 crore) and Bitfinex at $400 million (roughly Rs. 3,779 crore). However, none of the exchanges is listed on ESMA's MiCA register interim list, which was most recently updated on Friday.
However, the public messaging from Binance is that the firm plans to keep applying for a MiCA license even while on track to miss the July 1 deadline. “As for Binance and Europe, we take this market seriously. It's a small part of our business, but an important one, and we're committed to the EU and our customers there,” said Yi He, a co-founder of the exchange. In any case, Binance has begun encouraging some EU users to move their money into self-custodial wallets or other exchanges.
To our European users: we understand regulatory uncertainty can be frustrating.
We remain committed to securing a MiCA licence in the coming months, while providing clarity, minimising disruption, and keeping users informed directly.
Your funds remain safe and secure. For… https://t.co/gIZUZ7KPhi
While Binance seems to be struggling with the MiCA Licensing, a Lithuania-based crypto exchange, WhiteBIT has also secured MiCA from the Austrian Financial Market Authority. Alongside them, OpenPayd also obtained MiCA authorisation, and the firm is able to provide crypto services within the European Economic Area (EEA) through passporting.
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