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LINK $8.36 -2.15%
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ZEC $536.39 -6.84%

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Binance Co-CEO: After the suspension of services in the EU, about 70% of users have transferred withdrawals to self-custody wallets

According to The Block, Binance Co-CEO Richard Teng stated at the Reuters NEXT Asia summit in Singapore that after Binance suspended services to some EU users, about 70% of users' withdrawal assets flowed to self-custody wallets, with only 30% transferred to licensed platforms that comply with MiCA regulatory requirements.Richard Teng indicated that this data raises questions about the regulatory goals of MiCA. He pointed out that self-custody wallets are not subject to the anti-money laundering (AML) and KYC regulatory frameworks of regulated trading platforms, and the risk may actually increase once user assets are transferred to self-custody.Previously, Binance proactively withdrew its application for a MiCA license in Greece after it failed to be approved before the July 1 transition deadline, and suspended related services to affected EU users. Richard Teng stated that Binance has not given up on the European market, and several EU countries have invited it to reapply for local licenses, although he did not disclose specific countries.In addition, Richard Teng mentioned that Binance plans to continue accelerating its expansion in the Asian market, having already obtained relevant licenses or permissions in markets such as Japan, South Korea, Thailand, Indonesia, Australia, India, and Pakistan, and expects to gain more regulatory approvals this year. Currently, Binance's global user base has increased to approximately 323 million.

Binance Co-CEO: "The '1011 Crash' Affected All Exchanges, Binance Is Not the Source of the Incident"

Binance Co-CEO Richard Teng stated at the Consensus HK conference that the "1011 crash" event was not triggered by Binance, but rather that all exchanges globally experienced large-scale liquidations. Approximately 75% of the liquidations occurred around 21:00 Eastern Time, accompanied by isolated issues such as stablecoin de-pegging and delays in asset transfers.Teng pointed out that on that day, the U.S. stock market's market capitalization fell by about $1.5 trillion, with stock market liquidations amounting to approximately $150 billion, while the total liquidations in the crypto market were about $19 billion, affecting all exchanges. Binance provided support to affected users, while other exchanges did not take similar measures. Last year, Binance's trading volume reached $34 trillion, with 300 million users, and data did not show any large-scale withdrawals from the platform.He added that the market is temporarily affected by geopolitical and interest rate uncertainties, but institutions are still continuously entering the crypto market, indicating that "smart money" is still positioning itself. Teng emphasized that long-term participants should focus on the fundamental development of the crypto industry; although retail demand is relatively subdued, institutional deployments and corporate participation remain strong.

Binance releases open letter from co-CEOs for 2025: Global users exceed 300 million, annual trading volume reaches $34 trillion

According to official news, Binance has released its 2025 Co-CEO Year-End Open Letter, revealing that its global user base has surpassed 300 million. The open letter points out that currently, on average, 1 in every 27 people globally uses crypto assets, indicating that the industry is moving from a niche phase to broader everyday applications.In terms of business data, Binance stated that the total product trading volume on the platform reached $34 trillion in 2025. Among this, retail-led trading volume grew by 125% year-on-year, while institutional trading volume increased by 21% year-on-year. On most trading days, nearly half of the global BTC and ETH trading volume occurs on the Binance platform. Binance also disclosed that its Web3 business continues to grow. Over the past year, more than 60% of mainstream on-chain transactions were completed through the Binance wallet, with the Alpha 2 product accumulating over $1 trillion in trading volume, and 17 million users participating in on-chain project exploration, receiving approximately $780 million in airdrop rewards.In terms of compliance and security, Binance stated that the user asset balance verified through Proof of Reserves (PoR) has reached $162.8 billion. Over the past year, the platform intercepted $6.69 billion in risky funds through risk control and AI models, reducing the success rate of phishing attacks to 0.4%. Additionally, Binance has currently obtained 29 compliance and security certifications globally, with a compliance team size of 1,280 people.
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