With 426 votes in favor, the European Parliament has approved moving to the next stage to launch and implement the digital euro in the eurozone. Now, the parliament will have to negotiate with member states and agree on a common proposal for the unified digital currency. Digital Euro Advances To Negotiation Phase Europe is a […]
The post ‘70% of funds went to unregulated wallets’- Binance CEO warns MiCA amplifies risk appeared on BitcoinEthereumNews.com.
Binance CEO Richard Teng has cast doubt on the effectiveness of the EU’s crypto regulatory regime, MiCA, citing capital flow patterns from the exchange. In an interview with Reuters, Teng highlighted an interesting insight as MiCA went into effect. 70% of those funds go to self-hosted wallets. Only 30% flows to MiCA-regulated entities. He added, Can the MiCA regime then serve its purpose by minimizing risks for the users? Once the funds go to self-hosted wallets, the risk amplifies because you don’t have oversight and AML controls. Binance failed to get MiCA approval and withdrew its initial Greek application. Like the rest of the platforms without approval, they are required to allow users to move their funds and stop any new sign-ups of EU citizens. In fact, Coinbase and OKX launched aggressive bonus wars to attract Binance EU users in late June and earl
The UK's participation in the EU's defense loan scheme for Ukraine strengthens post-Brexit ties and boosts UK defense industry prospects.
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The post The Digital Euro Moves Forward: EU Parliament Clears Path for Key Interinstitutional Negotiations appeared on BitcoinEthereumNews.com.
Key Takeaways EU Parliament advanced the digital euro, moving the CBDC into final negotiations with member states. The asset will provide free basic accounts and holding limits, protecting commercial bank liquidity. The ECB will use the CBDC to counter stablecoins, reducing European dependence on external providers. Digital Euro Advances To Negotiation Phase Europe is a step closer to implementing a unified central bank digital currency ( CBDC), the digital euro, across the eurozone. On Thursday, the European Parliament advanced the creation of a digital euro with 416 votes in favor, 169 votes against, and 22 abstentions, allowing it to proceed into a new legal stage. The currency, first proposed in 2023 as an instrument enabling Europe to maintain its monetary sovereignty and put digital cash in the hands of its citizens, now enters into a new
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The post Binance Co-CEO Questions MiCA After EU User Withdrawals appeared on BitcoinEthereumNews.com.
Most European users who withdrew assets from Binance after its EU service suspension chose self-custody instead of regulated exchanges. Binance co-CEO Richard Teng said roughly 70% of withdrawals moved into private wallets, while only 30% reached MiCA-licensed trading platforms. The trend suggests many users prioritized direct control over their digital assets despite the European Union’s push for stronger oversight under its Markets in Crypto-Assets framework. Consequently, the migration has renewed debate about whether tighter regulations can achieve their intended consumer protection goals. Teng Questions MiCA’s Practical Impact Teng argued that funds held in self-custodied wallets no longer remain within regulated compliance systems. Consequently, authorities lose visibility through anti-money laundering and know-your-customer monitoring that licensed exchanges provide. Binance h
The EU's potential trade ban on Israeli settlements could intensify geopolitical tensions and increase compliance burdens for crypto firms.
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The post Binance CEO: 70% Of EU User Withdrawals Moved To Self-Custodied Wallets After MiCA Exit appeared on BitcoinEthereumNews.com.
When a titan of centralized exchanges fully exits a major market, regulators expect an orderly flow into supervised platforms. The European Unionu2019s Markets in Crypto-Assets framework was designed precisely for this u2014 to channel crypto activity into licensed, compliant venues. The actual data from Binanceu2019s EU shutdown suggests reality runs hard in the opposite direction. According to a report citing Binance CEO Richard Teng, approximately 70% of the funds that EU users withdrew after the exchange suspended services moved into self-custodied wallets. Only 30% ended up on MiCA-compliant platforms. For a regulatory regime built on the premise that licensing leads to consumer protection, that number is a quiet indictment of how detached the official playbook is from user behavior. The 70% That Went Outside the Tent Teng did not mince words. He ar
