Binance recorded over $400 million in net outflows in the week of June 22, as the cryptocurrency exchange announced the withdrawal of its license application for the Cryptocurrency Markets Regulation (MiCA) in Greece.
According to DefiLlam data Binance’s seven-day net outflows are 0.3% of $133.3 billion in tracked assets, according to Sunday’s Cointelegraph. Excluding BNB, Binance’s native token, outflows are 0.35% of the exchange’s $113.8 billion in crypto assets.
Binance led exchanges tracked in terms of weekly net outflows. Source: DefiLlama
Net outflows accelerated on Wednesday when Binance announced its delisting from Greece’s securities regulator, recording net outflows of $1.96 billion, followed by two more days of $2.52 billion and $1.46 billion.
The scale of outflows is not unusual for Binance, which regularly sees multi-billion-dollar daily inflows and outflows. The data also does not indicate the geographic origin of the fund’s movements.
The outflows occurred in the last week before the deadline for the transition to MiCA in the European Union. Starting July 1, Binance will restrict onboarding and some services for affected EU users.
Daily net flows in the billions of dollars are not unusual for Binance. source: DefiLlama
MiCA winners are less certain than expected
Several rival exchanges tried to attract Binance users ahead of the block’s deadline.
OKX, one of the most high-profile exchanges courting Binance users, saw net inflows of $285.5 million during the same period, according to DefiLlama’s rankings based on exchange reserve evidence. The exchange received MiCA authorization in Malta in January 2025.
However, OKX ranked third in terms of weekly net inflows, behind Bitget’s $710 million and Bitfinex’s $400 million. Neither does an exchange appears on the European Securities and Markets Authority’s (ESMA) provisional MiCA register, which was last updated on Friday.
Related: The Spanish regulator rules out extension for non-MiCA-compliant crypto companies
Binance says Europe still matters
CryptoQuant analyst Maartunn recently told Cointelegraph that euro trading accounts for just 1% of Binance’s spot trading volume, which could limit the exchange’s potential MiCA-related failures.
However, Binance public news is that the company intends to continue applying for a MiCA license even though it is on track to miss the July 1 buzzer.
“When it comes to Binance and Europe, we take this market seriously. It’s a small part of our business, but an important one, and we are committed to the EU and our customers there,” Yi He, co-founder of the exchange, he said on Friday.
Meanwhile, Binance has begun urging some EU users to transfer funds to standalone wallets or other exchanges.
A Binance representative told Cointelegraph that restrictions vary depending on user jurisdiction and that no action is required for users who are not served by a locally registered entity.
ESMA said in a June 23 statement that crypto service providers that do not obtain a license by July 1 must take “immediate steps” to terminate EU operations and limit services to activities aimed at selling, transferring, relocating assets or closing positions.
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