Richard Teng, CEO of Binance, stated that the European Union (EU)'s cryptocurrency regulation law, MiCA, is having counterproductive effects, contrary to its original intent. According to Be[in]Crypto, he emphasized at the Reuters NEXT Asia Summit in Singapore, "Most users who are leaving since the implementation of MiCA are moving their funds to self-custody wallets rather than platforms that have secured a MiCA license. This undermines the original purpose of the law. Exchanges operate Anti-Money Laundering (AML) and Know Your Customer (KYC) procedures, but self-custody wallets do not. Regulatory authorities should rather grant licenses to companies that comply with these regulations." Meanwhile, Binance withdrew its MiCA license application in Greece and suspended new customer services in the EU as of July 1.
