Richard Teng On MiCA Transition: Binance User Assets Remain Safe, Withdrawals To Continue After July 1

Cryptocurrency exchange Binance is continuing its transition toward compliance with the European Union’s Markets in Crypto-Assets (MiCA) regulation, according to a statement from the cryptocurrency exchange’s Co-Chief Executive Officer, Richard Teng.

In a message published on the social media platform X, Teng stated that the company remains focused on supporting users throughout the regulatory transition. He said customer assets continue to be secure and that users affected by the changes will retain access to previously announced options, including the ability to withdraw funds after 1 July. 

Binance also confirmed that it is contacting affected users directly with information about the available next steps, while account-related inquiries are being handled through official customer support channels. According to the company, its priority during the transition is to provide users with clear information and ensure operational continuity.

Regulatory Shift Drives Licensing Strategy

The developments come as European regulators continue implementing MiCA, a comprehensive regulatory framework designed to strengthen oversight of the cryptocurrency sector. The legislation requires crypto asset service providers to obtain authorization from the regulator of an individual EU member state. Once licensed, companies can use the authorization to offer services across all 27 EU countries under a passporting regime. European authorities have argued that the framework is intended to improve investor protection and reduce potential risks associated with the rapidly expanding digital asset industry.

Last week, Binance confirmed it had withdrawn its MiCA license application in Greece, shortly before the EU’s regulatory transition deadline. The company stated that it plans to seek authorization in another EU member state, although it has not yet disclosed the jurisdiction where the new application will be submitted.

Binance originally applied for a MiCA license with Greece’s Hellenic Capital Market Commission in January 2026. According to the company, the Greek regulator completed its review and considered the application compliant before referring it to the European Securities and Markets Authority for additional assessment. However, no formal decision was ultimately issued on the application.

In a separate statement, Binance reaffirmed its commitment to operating under the MiCA framework, describing Europe as a strategically important market. The company said it continues to support the objective of establishing a harmonized regulatory environment for crypto assets across the European Union and expressed confidence that it will obtain authorization in another EU member state in the coming months.

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