WSJ: ECB President Lagarde Reportedly Intervened to Block Binance’s Greek EU Licence Bid

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Binance’s attempt to secure a Europe wide cryptocurrency licence through Greece was reportedly derailed after European Central Bank President Christine Lagarde intervened over concerns about the exchange, according to The Wall Street Journal.

The WSJ, citing people familiar with the matter and documents it reviewed, reported that Binance was preparing to receive approval in late May. CEO Richard Teng was reportedly planning to travel to Athens for a photo opportunity with Prime Minister Kyriakos Mitsotakis as the company prepared to announce the licence.

However, according to the report, a senior official at Greece’s Hellenic Capital Market Commission later informed Binance that Lagarde had asked Mitsotakis not to approve the application.

Concerns over Binance and the digital euro

The WSJ reported that Lagarde’s concerns included Binance’s regulatory and compliance record, as well as the potential impact of dollar based stablecoins on the European Union’s plans for a digital euro.

Binance pleaded guilty in the United States in 2023 to anti money laundering and sanctions violations and agreed to pay $4.3 billion in penalties. The exchange has continued to pursue regulatory approval in various jurisdictions.

The report also said the European Securities and Markets Authority had privately advised national regulators to block Binance applications because of concerns over its compliance record.

Under the EU’s Markets in Crypto Assets, or MiCA, framework, cryptocurrency licences are formally handled by national regulators rather than the ECB.

The Greek regulator has disputed suggestions that the Greek government influenced its assessment. The Hellenic Capital Market Commission said it assessed Binance’s application independently and exclusively against applicable EU and Greek requirements, according to the WSJ.

A Greek government adviser also said the government had no role in the regulator’s assessment.

Binance withdrew Greek application

Binance submitted its Greek application in late 2025 through a local entity known as Binary Greece. The company reportedly expected its Greek base to provide access to the wider EU market under MiCA.

Greek officials had reportedly indicated that the application was ready for approval, with Binance expecting the move to generate tax revenue and create local jobs.

The situation changed in June, when Binance withdrew its application before the Greek regulator formally rejected it.

The company said it would instead seek MiCA authorisation in another EU member state.

Binance has previously argued that the MiCA process should not allow applications to be undermined through informal channels. The company has maintained that it remains committed to operating compliantly in the European Union.

The reported intervention highlights the broader debate in Europe over cryptocurrency regulation, stablecoins and the future role of the digital euro.

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