Binance Sees Largest Weekly Outflows Since 2020 Amid EU Deadline Looms

Binance has experienced its highest weekly outflows in over three years, with $1.23 billion leaving the exchange in the week beginning June 29.

This marked a significant increase of 207% from the previous week's outflows of around $400 million, according to DefiLlama data.

The timing of this surge is notable, as it coincides with the European Union's July 1 crypto deadline and the end of the MiCA transition period.

Binance has confirmed that it will not hold a MiCA license by June 30 and is winding down EU services for users in Poland, Italy, Spain, and France from July 1.

The exchange's Head of Europe and UK, Gillian Lynch, stated 'Binance is not leaving Europe.'