‘70% of funds went to unregulated wallets’- Binance CEO warns MiCA amplifies risk
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