Binance posts over $400M in weekly outflows as MiCA deadline nears

Binance posts over $400M in weekly net outflows as the EU MiCA transition deadline nears on July 1, after withdrawing its license application in Greece. DefiLlama data show the seven-day total equals about 0.3% of tracked assets and does not yet indicate a mass migration from the exchange. Rival platforms including OKX, Bitget and Bitfinex logged net inflows during the same week as they court EU customers ahead of the regulatory cutoff.

Key Takeaways

• Binance recorded more than $400 million in net outflows during the week starting June 22, DefiLlama data show.
• The exchange withdrew its MiCA application in Greece and will restrict onboarding for some EU users from July 1.
• Weekly outflows equal roughly 0.3% of tracked assets, a scale Binance often sees in normal trading flows.
• Rivals including OKX, Bitget and Bitfinex logged net inflows, but no clear mass exodus is visible yet.
• Binance says it remains committed to securing a MiCA license and serving EU customers long term.

Why did Binance see over $400M in weekly net outflows?

Binance recorded more than $400 million in net outflows during the week beginning June 22, according to DefiLlama data viewed by Cointelegraph. The movement coincided with the exchange announcing it had withdrawn its Markets in Crypto-Assets Regulation (MiCA) license application in Greece.

Those seven-day net outflows represent about 0.3% of Binance's $133.3 billion in tracked assets. Excluding BNB, the exchange's native token, outflows equal roughly 0.35% of its $113.8 billion in crypto assets.

Binance led tracked exchanges in weekly net outflows during the period. Outflows accelerated on Wednesday after the Greece withdrawal, with $1.96 billion recorded that day, followed by $2.52 billion and $1.46 billion on subsequent days.

Does this signal a mass migration from Binance before MiCA?

Early exchange flowchart flow data do not show clear signs of a mass migration from Binance ahead of the EU MiCA transition deadline, despite rivals' efforts to attract users. The scale of outflows is not unusual for Binance, which regularly records billions of dollars in daily inflows and outflows.

The data also do not identify the geographic origin of fund movements. That limits how much can be read into weekly totals as a direct MiCA reaction.

CryptoQuant analyst Maartunn told Cointelegraph that euro trading accounts for just 1% of Binance's spot volume. That may limit potential MiCA-related setbacks for the exchange even as the July 1 deadline nears.

Which rival exchanges gained users during the same week?

Several rival exchanges have sought to attract Binance users ahead of the bloc's deadline. OKX, one of the most vocal exchanges courting Binance customers, recorded $285.5 million in net inflows over the same period, according to DefiLlama tracking of exchange reserve wallets.

OKX received MiCA authorization in Malta in January 2025. However, OKX ranked third in weekly net inflows, behind Bitget's $710 million and Bitfinex's $400 million.

Neither Bitget nor Bitfinex appears on the European Securities and Markets Authority's interim MiCA register, which was last updated on Friday. For broader context on regulatory shifts, see our Fintech & Crypto Alerts coverage.

What happens to Binance EU users after July 1?

Starting July 1, Binance will restrict onboarding and some services for affected EU users. The exchange has started telling some EU users to move funds to self-custodial wallets or other exchanges.

A Binance representative told Cointelegraph that restrictions vary depending on users' jurisdictions and that no action is required for users not served through a local registered entity.

ESMA said in a June 23 statement that crypto service providers unlicensed by July 1 must take immediate steps to wind down EU activities. They must limit services to actions needed to sell, transfer, relocate assets or close positions.

Despite missing the July 1 buzzer, Binance's public messaging is that it intends to continue pursuing a MiCA license. Co-founder Yi He said Friday that Europe is a small but important part of the business and that the company remains committed to EU customers.