ECB President Lagarde intervened to block Binance's EU MiCA license, WSJ reports

ECB chief Christine Lagarde moved to block Binance's European crypto license

European Central Bank (ECB) President Christine Lagarde personally intervened to stop crypto exchange Binance from obtaining an EU license in Greece, The Wall Street Journal reported, citing people familiar with the process. Binance, described in the report as the world's largest crypto exchange, withdrew its Greek application in mid-June after the country's regulator decided at the last minute not to approve it.

The reported intervention is notable because the ECB holds no formal licensing authority under MiCA, the EU's Markets in Crypto-Assets Regulation. MiCA applications are decided by national regulators, and approval in one EU country allows a firm to operate across the whole bloc.

Key facts

• The Journal reported that Lagarde personally intervened to delay Binance's Greek license bid, citing people familiar with the process.
• A senior Greek regulator told Binance that Lagarde wanted the decision delayed until the European Securities and Markets Authority (ESMA) takes over licensing of crypto exchanges under a proposed EU reform that has not yet been adopted.
• Lagarde reportedly worried that Binance's scale could deepen the use of dollar-based stablecoins in Europe, undermining the digital euro and euro-denominated alternatives.
• Binance withdrew its Greek application in mid-June after the Hellenic Capital Market Commission decided not to approve the request at the last minute.
• Binance says it remains committed to becoming MiCA-authorised in Europe.

Why Lagarde reportedly intervened

According to the Journal, the ECB began influencing national licensing decisions because of concerns over stablecoins and the digital euro. Stablecoins are crypto tokens designed to hold a steady value against a currency, such as the US dollar.

Lagarde was concerned that Binance's size could expand the use of dollar-based stablecoins in the region, which she saw as a threat to the central banks' digital euro project and to euro-denominated alternatives, the Journal said. A senior Greek regulator relayed to Binance that Lagarde wanted the decision delayed until ESMA takes over licensing decisions for crypto exchanges under a proposed EU reform that has yet to be adopted.

What Binance says

A Binance spokesperson said the company would “not comment on speculation” and that “in Europe, Binance remains committed to operating on a long-term, compliant basis under the EU’s Markets in Crypto-Assets Regulation (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 added.

Gillian Lynch, Binance's head of Europe, told CoinDesk in early July that the exchange had met all of the Hellenic Capital Market Commission's requirements. “We were deemed to have a complete application,” Lynch said, adding that nothing was missing.

What is confirmed

The supplied material confirms that Binance withdrew its Greek MiCA application in mid-June and began winding down operations after the Hellenic Capital Market Commission decided at the last minute not to approve the request. Binance's own statements confirm that the company still intends to pursue MiCA authorisation.

What is still unclear

Lagarde's reported intervention and her stated reasons rest on the Journal's account, which cites people familiar with the process rather than official records or public statements. The supplied sources include no comment from the ECB or from Greek regulators confirming or denying the account. The proposed EU reform that would hand crypto exchange licensing to ESMA has not yet been adopted, and no timeline is given.

Why this matters

Under MiCA, a license approved by one EU country's regulator opens the door to operating across the entire bloc. The reported intervention shows the ECB — which has no formal licensing role — nonetheless shaping a national decision, according to the Journal. The underlying dispute is about stablecoins: the ECB reportedly sees widespread use of dollar-based stablecoins as a threat to the digital euro project and to euro-denominated alternatives.

What happens next

Binance says it is actively working toward MiCA authorisation and remains committed to operating on a compliant basis in Europe. The proposed EU reform that would move crypto exchange licensing to ESMA has not yet been adopted, and the sources do not say when or whether it will be.

Sources

• CoinDesk