Binance saw more than $400 million in net outflows during the week of June 22, according to DefiLlama data. That might sound alarming, but context matters: it represents just 0.3% of the exchange’s $133.3 billion in tracked assets.
The timing isn’t coincidental. July 1 marks the EU’s MiCA transition deadline, and Binance announced it’s withdrawing its MiCA license application from Greece’s securities regulator. Starting next week, the exchange will restrict onboarding and some services for affected EU users.
But here’s the thing — daily net flows in the billions are normal for Binance. The exchange regularly moves that kind of money in both directions. The data also can’t tell us where these outflows are coming from geographically.
Meanwhile, rival exchanges are circling. OKX pulled in $285.5 million in net inflows over the same period, though it trailed Bitget’s $710 million and Bitfinex’s $400 million. Whether those rivals can hold onto those users long-term is another question.
Yi He, a Binance co-founder, made clear the exchange still takes Europe seriously. “It’s a small part of our business, but an important one,” she said. CryptoQuant analysts note euro trading accounts for just 1% of Binance’s spot volume — so the actual impact may be limited.
