Binance's attempt to secure a licence under the European Union's Markets in Crypto-Assets regulation collapsed after ECB President Christine Lagarde personally opposed the exchange's application in Greece, according to a report by the Wall Street Journal. Binance withdrew its application in mid-June, before the Greek regulator, the Hellenic Capital Market Commission, could issue a formal ruling.
Binance had applied for the licence in Greece at the end of 2025. A MiCA licence granted in one EU member state allows a crypto exchange to serve clients across the entire bloc, making the Greek application a potential gateway for Binance to operate legally throughout the Union.
According to the report, the process appeared to be heading toward approval. Binance CEO Richard Teng was reportedly planning to travel to Athens at the end of May for a photo session with Greek Prime Minister Kyriakos Mitsotakis. In early June, Greek officials told an ESMA committee that they intended to approve the licence.
A week later, the picture changed. A senior official at the HCMC reportedly told Binance that Lagarde had personally asked Mitsotakis not to approve the licence. Binance was informed the process would not continue, and the company withdrew its application shortly afterward.
Regulators dispute the account
The ECB has no formal role in deciding MiCA licences; that authority rests with national regulators, in this case the HCMC. The HCMC has stated that Binance's application was assessed independently and solely according to European and national rules. The Greek government has denied playing any role in the assessment.
ESMA had reportedly advised European regulators against granting Binance a licence, citing concerns about the exchange's compliance with financial rules. Binance pleaded guilty in the United States in 2023 to violations of anti-money laundering rules and paid $4.3 billion to settle the matter with US authorities.
Consequences for Binance in Europe
Binance failed to obtain a MiCA licence before the EU's July deadline, forcing the exchange to stop actively promoting its services to the roughly 450 million residents of the European Union. Binance says it still serves certain European clients from Abu Dhabi and intends to apply for a MiCA licence in another member state, stating it wants to remain active in Europe long-term.
The episode surfaces at a moment when the ECB is developing its own digital euro project, and when dollar-pegged stablecoins account for more than 99 percent of the global stablecoin market. Neither the ECB nor Lagarde has commented publicly on the specifics of the Wall Street Journal's report.
