Binance saw over $400 million leave the platform in net weekly outflows as the EU’s MiCA transition deadline neared. This happened the same week Binance pulled its MiCA license application in Greece and announced new restrictions for some EU users starting July 1.
Although these outflows drew attention, they made up only a small part of Binance’s total assets, showing the exchange still has strong liquidity despite new regulations in Europe.
According to DeFiLlama, Binance had about $400 million in net outflows during the week starting June 22. This is about 0.3% of the exchange’s tracked assets. If you leave out Binance’s own BNB token, the outflows are about 0.35% of its crypto holdings.
The largest outflows happened after Binance said on Wednesday it was pulling its MiCA license application in Greece. That day, the exchange saw $1.96 billion in net outflows, followed by $2.52 billion and $1.46 billion over the next two days.
Even though these numbers are big, Binance often handles billions in deposits and withdrawals, so this kind of activity is fairly normal for the world’s biggest crypto exchange. The withdrawals came just days before the EU’s July 1 MiCA transition deadline.
Source: binance.com
Source: Defillama.com
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