European Central Bank President Christine Lagarde reportedly intervened in Binance’s attempt to obtain a MiCA license in Greece, according to The Wall Street Journal, which cited people familiar with the matter.
While the ECB does not have formal authority to approve MiCA licenses, the Journal reported that Lagarde’s intervention prompted Greek regulators to delay Binance’s application after previously considering it complete.
A senior Greek regulator reportedly told Binance that the application should remain on hold until the European Securities and Markets Authority takes over licensing decisions for crypto exchanges under a proposed EU regulatory reform. The reform has not yet been approved.
Under the current MiCA framework, individual EU member states are responsible for licensing crypto-asset service providers. Once a company receives authorization in one member state, it can generally use that license to provide services throughout the bloc.
The Journal said Lagarde’s concerns included the growing use of stablecoins and the ECB’s plans for a digital euro. According to the report, she was concerned that Binance’s large market presence could encourage greater adoption of dollar-based stablecoins in Europe, potentially putting pressure on euro-denominated alternatives and the digital euro initiative.
Binance did not confirm or deny the reported intervention.
“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 said it remains committed to obtaining regulatory authorization under MiCA.
“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 Drops Greek MiCA Application
Binance withdrew its Greek application in mid-June and began winding down its local operations after the Hellenic Capital Market Commission chose not to approve the request at the final stage.
Gillian Lynch, Binance’s head of Europe, told CoinDesk in early July that the exchange had met the HCMC’s requirements.
“We were deemed to have a complete application,” Lynch said. “Nothing was missing, nothing material was outstanding.”
The Journal also reported that ESMA had privately advised national regulators against approving Binance’s MiCA applications because of concerns surrounding the exchange’s past compliance record.
Binance founder Changpeng “CZ” Zhao pleaded guilty in the U.S. in 2023 to violating the Bank Secrecy Act. Binance agreed to pay $4.3 billion in fines, while Zhao served a four-month prison sentence in California in 2024. President Donald Trump pardoned Zhao in October 2025.
ECB Denies Formal Licensing Role
An ECB spokesperson declined to comment on the reported intervention when contacted by CoinDesk but said the central bank has no institutional authority over the authorization of crypto-asset service providers.
Under the current regulatory structure, licensing decisions remain with national competent authorities. In Greece, that responsibility falls to the Hellenic Capital Market Commission.
The reported episode comes as European authorities consider whether crypto licensing should eventually be handled more centrally at the EU level, potentially shifting some responsibilities away from national regulators.
