European Central Bank President Christine Lagarde reportedly intervened to stop Binance from securing a Markets in Crypto-Assets license through Greece, according to The Wall Street Journal.
Although the ECB does not have formal authority to approve licenses under MiCA, the Journal reported that the intervention prompted Greek officials to delay an application that regulators had previously considered complete.
According to people familiar with the matter cited by the Journal, a senior Greek regulator told Binance that Lagarde wanted the application held until the European Securities and Markets Authority takes over licensing responsibilities for crypto exchanges under a proposed EU reform. That reform has not yet been adopted.
Under MiCA, crypto-asset service providers are currently authorized by regulators in individual EU member states. A license issued in one member state can allow a company to provide services across the bloc. The WSJ reported that concerns surrounding stablecoins and Europe’s digital euro initiative were among the issues influencing the debate.
The Journal said Lagarde was concerned that Binance’s size could contribute to wider adoption of dollar-denominated stablecoins in Europe, potentially competing with euro-based alternatives and the ECB’s digital euro project.
Binance declined to directly address the report.
“We will not comment on speculation,” a Binance spokesperson said. “In Europe, Binance remains committed to operating on a long-term, compliant basis under the EU’s Markets in Crypto-Assets Regulation (MiCA).”
The exchange also said it continues to pursue regulatory approval in Europe.
“We are actively working toward becoming MiCA-authorised and view this as an important step in providing users with a consistent, regulated, and trusted service across the European market,” the spokesperson said.
Binance Withdraws Greek Application
Binance withdrew its Greek application in mid-June and began winding down its operations there after the Hellenic Capital Market Commission did not approve the exchange’s MiCA request at the final stage.
Gillian Lynch, Binance’s head of Europe, told CoinDesk in early July that the exchange had satisfied the HCMC’s requirements.
“We were deemed to have a complete application,” Lynch said. “Nothing was missing, nothing material was outstanding.”
The WSJ also reported that ESMA had privately advised national regulators to reject Binance’s MiCA applications because of concerns surrounding the exchange’s previous compliance record.
Binance’s regulatory history includes a 2023 U.S. case in which founder Changpeng “CZ” Zhao pleaded guilty to violating the Bank Secrecy Act and Binance agreed to pay $4.3 billion in fines. Zhao served a four-month prison sentence in California in 2024 and was pardoned by President Donald Trump in October 2025.
ECB Says It Has No Licensing Role
An ECB spokesperson declined to comment on the reported intervention when contacted by CoinDesk but emphasized that the central bank has no institutional authority to approve crypto-asset service providers.
Under the existing framework, authorization remains the responsibility of national competent authorities, with Greece’s Hellenic Capital Market Commission handling Binance’s application.
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