Binance saw a net outflow of over $400 million in a week, with funds accelerating outflow after the withdrawal of the Greek MiCA license application

According to Cointelegraph, Binance recorded over $400 million in net outflows this week after the exchange announced the withdrawal of its MiCA license application in Greece.

According to DefiLlama data, the net outflow this week accounted for 0.3% of Binance's tracked assets ($133.3 billion). On Wednesday (the day the withdrawal was announced), the net outflow was $1.96 billion, followed by outflows of $2.52 billion and $1.46 billion over the next two days.

The EU MiCA transitional period is currently in its final stage, and starting from July 1, platforms that are not authorized under MiCA will no longer be able to provide related services to EU users. Binance has begun notifying some EU users to transfer their funds to self-custody wallets or other exchanges.

Binance co-founder He Yi stated that although the European market accounts for only about 1% of its spot trading volume, the company still values this market and will continue to advance its MiCA license application.