ECB President Christine Lagarde reportedly stepped in to prevent Binance from securing a Markets in Crypto-Assets, or MiCA, license through Greece, The Wall Street Journal reported, citing people familiar with the matter.
The ECB does not formally issue MiCA licenses, but the reported intervention led Greek regulators to put Binance’s application on hold even though officials had previously determined that the submission was complete.
According to the Journal, a senior Greek regulator told Binance that Lagarde wanted the decision postponed until the European Securities and Markets Authority assumes responsibility for licensing crypto exchanges under a proposed EU regulatory change. The reform has not yet been adopted.
Under the current MiCA framework, crypto-asset service providers are licensed by financial regulators in individual EU member states. Once approved in one country, a provider can generally use that authorization to offer services across the European Union.
The Journal reported that concerns about stablecoins and the ECB’s digital euro project were among the factors behind the intervention. Lagarde was reportedly concerned that Binance’s size could accelerate the use of dollar-denominated stablecoins in Europe, potentially challenging euro-based digital payment alternatives.
Binance declined to comment directly on 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 continues to seek MiCA authorization.
“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 MiCA application in mid-June and began winding down its operations in the country after the Hellenic Capital Market Commission declined to approve the request at the final stage.
Gillian Lynch, Binance’s head of Europe, said in an interview with CoinDesk in early July that the exchange had fulfilled the HCMC’s requirements.
“We were deemed to have a complete application,” Lynch said. “Nothing was missing, nothing material was outstanding.”
The Journal separately reported that ESMA had privately encouraged national financial regulators to reject Binance’s MiCA applications because of concerns over the exchange’s previous 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 as part of the case. Zhao served a four-month prison sentence in California in 2024 and was pardoned by President Donald Trump in October 2025.
ECB Says Licensing Remains With National Regulators
An ECB spokesperson declined to comment on the reported intervention when approached by CoinDesk.
The spokesperson said the ECB has no institutional role in authorizing crypto-asset service providers. Under the existing framework, those decisions remain with national competent authorities, including Greece’s Hellenic Capital Market Commission.
The reported dispute highlights the distinction between the ECB’s monetary-policy role and the national regulatory process governing MiCA licenses, even as European authorities consider changes that could centralize crypto licensing at the EU level.
