TLDR
- ECB President Christine Lagarde personally urged Greece not to approve Binance’s EU crypto license application
- Binance had drafted a “Major Milestone” press release and planned a photo op with the Greek PM before the deal fell apart
- Binance withdrew its Greek MiCA application on June 24 before a formal rejection was issued
- Lagarde’s concerns included Binance’s 2023 US criminal guilty plea and fears over dollar stablecoin dominance in Europe
- Binance lost EU access after missing the July 1, 2026 MiCA deadline and is now seeking a license through another member state
Binance came close to securing an EU-wide crypto license through Greece earlier this year. Then European Central Bank President Christine Lagarde stepped in.
WSJ: ECB President Lagarde Personally Intervened to Block Binance from Obtaining an EU-Wide License via Greece
According to The Wall Street Journal, European Central Bank President Christine Lagarde personally intervened to prevent Binance from gaining a foothold in the European… pic.twitter.com/nruuNsERJu
— Wu Blockchain (@WuBlockchain) September 18, 2026
According to a Wall Street Journal report published September 17, Lagarde personally contacted Greek Prime Minister Kyriakos Mitsotakis and asked him not to approve Binance’s application under Europe’s MiCA crypto licensing framework.
The exchange had submitted its application through Greece’s financial regulator, the Hellenic Capital Market Commission, in late 2025. Greek officials had told Binance the application was complete. A press release was ready. CEO Richard Teng had plans to fly to Athens for a photo with Mitsotakis.
Within days of Greek officials telling ESMA’s digital-finance committee they planned to approve the license, an HCMC vice chair told Binance that Lagarde had intervened. The regulator said it could not move forward without support from Mitsotakis.
Why Lagarde Opposed the License
Two main concerns drove Lagarde’s reported intervention.
The first was Binance’s legal history. In 2023, Binance pleaded guilty to violations of the Bank Secrecy Act, failure to register as a money transmitting business, and sanctions law breaches. The settlement totalled more than $4.3 billion. Founder Changpeng Zhao served four months in prison before receiving a pardon from President Trump in October 2025.
This year, the US Justice Department has been investigating Iran’s use of Binance to evade sanctions following the guilty plea. Federal prosecutors alleged an Iranian network used the exchange to relay oil payments from Chinese buyers. Binance said the civil case does not allege wrongdoing by the company.
The second concern was stablecoins. Lagarde reportedly worried that approving Binance, where most trading involves dollar-denominated crypto, would deepen the use of US dollar stablecoins in Europe. The ECB has been developing a digital euro, which Lagarde has described as a key part of her legacy.
What Happened After
About a week after the ESMA committee meeting, HCMC officials told Binance the license would not proceed, citing a lack of “convergence.” Binance withdrew its application on June 24, before the HCMC board issued a formal rejection.
The withdrawal had immediate consequences. MiCA’s transition period ended July 1, 2026. Without a license, Binance had to stop promoting services to the EU’s 450 million residents.
Since then, Binance has continued serving some European customers through an Abu Dhabi entity, using a provision that allows unlicensed firms to onboard clients they have not actively solicited. ESMA has sought information about whether Binance is properly winding down unlicensed EU activity.
The company says it plans to apply for a MiCA license through another EU member state. No new application has been publicly confirmed.
Meanwhile, the European Commission is reviewing MiCA, with a consultation open through September 30. A proposal to shift licensing authority for large crypto exchanges from national regulators to ESMA directly is still being negotiated.
The ECB has no formal role in approving crypto licenses under MiCA. The Lagarde intervention, as reported by the WSJ, was informal. Neither the ECB nor the Greek government has confirmed it publicly.
Stop guessing and start investing with confidence. KnockoutStocks gives you the AI insights, market intelligence, and stock research you need to spot opportunities, cut through the noise, and make smarter investment decisions — all in one powerful platform.
Sign up today and get 50% OFF full access to our premium stock picks.
Simply use coupon code SPECIAL50 at checkout to claim your exclusive discount.
Get 3 Free Stock Ebooks
Discover top-performing stocks in AI, Crypto, and Technology with expert analysis.
- Top 10 AI Stocks - Leading AI companies
- Top 10 Crypto Stocks - Blockchain leaders
- Top 10 Tech Stocks - Tech giants
