Early exchange flow data show no clear signs of a mass migration from Binance ahead of the EU MiCA transition deadline, despite rivals' efforts to attract users.
Binance recorded over $400 million in net outflows during the week beginning June 22, as the cryptocurrency exchange announced the withdrawal of its Markets in Crypto-Assets Regulation (MiCA) license application in Greece.
According to DefiLlama data viewed by Cointelegraph on Sunday, Binance's seven-day net outflows amount to 0.3% of its $133.3 billion in tracked assets. Excluding BNB, Binance's native token, the outflows equal 0.35% of the exchange's $113.8 billion in crypto assets.
Binance led tracked exchanges in weekly net outflows. Source: DefiLlama
Binance recorded $1.96 billion in daily net outflows on Wednesday, when it announced the withdrawal of its MiCA license application in Greece. The exchange then saw another $2.52 billion and $1.46 billion in net outflows over the following two days.
The scale of outflows is not unusual for Binance, which regularly records billions of dollars in daily inflows and outflows. The data also does not identify the geographic origin of the fund movements.
The outflows came during the final week before the European Union's MiCA transition deadline. Starting July 1, Binance will restrict onboarding and some services for affected EU users.
Daily net flows in the billions of dollars are not unusual for Binance. Source: DefiLlama
Several rival exchanges have sought to attract Binance users ahead of the bloc’s deadline.
OKX, one of the most vocal exchanges courting Binance users, recorded $285.5 million in net inflows over the same period, according to DefiLlama's tracking of exchange reserve wallets, including those disclosed through proof-of-reserves programs. The exchange received MiCA authorization in Malta in January 2025.
However, OKX was third in weekly net inflows, behind Bitget’s $710 million and Bitfinex’s $400 million. Neither exchange appears on the European Securities and Markets Authority’s (ESMA) interim MiCA register, which was last updated on Friday.
Related: Spain regulator rules out extension for non-MiCA compliant crypto companies
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