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Christine Lagarde reportedly intervened to block Binance's Greek MiCA license

The Wall Street Journal says Greece was preparing to approve the crypto exchange before the ECB president asked Prime Minister Kyriakos Mitsotakis to oppose the application.

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Image: CoinDesk via X

TLDR

ECB President Christine Lagarde reportedly asked Greek Prime Minister Kyriakos Mitsotakis to oppose Binance's MiCA license after Greek officials had signaled that approval was coming, according to The Wall Street Journal. The report says concerns included Binance's compliance history and the potential growth of dollar-backed stablecoins in Europe. Binance, which withdrew its Greek application on June 24, declined to address the report directly and said it remains committed to securing authorization elsewhere in the EU. The ECB also declined to comment.

European Central Bank President Christine Lagarde personally intervened against Binance's attempt to secure a European Union crypto license through Greece, The Wall Street Journal reports.

According to the report, Greek officials told the European Securities and Markets Authority in early June that the Hellenic Capital Market Commission intended to approve Binance's application. Less than a day later, an HCMC vice chair reportedly told Binance that Lagarde had asked Greek Prime Minister Kyriakos Mitsotakis not to let the application proceed. The account has not been publicly confirmed by Lagarde, the ECB or the Greek regulator.

Binance appeared to be preparing for approval. The Journal says the exchange had drafted an announcement and planned for co-CEO Richard Teng to travel to Athens for a meeting and photo with Mitsotakis. A Greek authorization would have allowed Binance to offer covered crypto services across the bloc under MiCA's cross-border rules.

Compliance and stablecoin concerns

Lagarde's reported concerns included Binance's compliance history and the growing role of dollar-backed stablecoins in Europe, according to the Journal. Binance pleaded guilty in the United States in 2023 to offenses involving anti-money-laundering rules, money-transmitter registration and sanctions, agreeing to a $4.3 billion resolution.

The stablecoin concern also intersects with the ECB's work on a digital euro. The Journal's account, however, describes a private intervention rather than a formal ECB decision in the Greek licensing process.

Binance is still seeking an EU license

Binance withdrew its Greek application on June 24, days before the MiCA transition deadline, and said it would seek authorization in another EU member state. The exchange has not publicly identified that jurisdiction.

Asked about the Journal's account, Binance told Cointelegraph that it would not comment on speculation and said it remained committed to operating under MiCA. The ECB declined to comment, while the HCMC had not responded by publication.

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3 Sources, first seen 12h ago

TLDR

Compliance and stablecoin concerns

Binance is still seeking an EU license

Christine Lagarde reportedly intervened to block Binance's Greek MiCA license

TLDR

Compliance and stablecoin concerns

Binance is still seeking an EU license

Combined views

Christine Lagarde reportedly intervened to block Binance's Greek MiCA license

3 Sources

Combined views

Compliance and stablecoin concerns

Binance is still seeking an EU license

Sentiment

Summary

TLDR

Compliance and stablecoin concerns

Binance is still seeking an EU license

Sentiment

Summary

Compliance and stablecoin concerns

Binance is still seeking an EU license

Sentiment

Summary

3 Sources

Sentiment

Summary