Binance: 70% of EU user funds moved to self-custody wallets after MiCA

Binance reports that following the EU's MiCA regulation, 70% of its EU-based users' funds moved into self-custody wallets, placing them outside regulatory oversight. The regulation was designed to protect investors, but Binance argues the real-world effect has driven capital away from supervised platforms. The finding suggests MiCA may be producing the opposite of its intended outcome.