ECB President Christine Lagarde reportedly ordered Greece directly to reject Binance’s MiCA application, which was close to approval.
Binance’s MiCA license application in Greece has stalled following alleged direct interference by European Central Bank President Christine Lagarde. According to Gareth Jenkinson of The Block, Binance’s application had cleared most Greek regulatory requirements and was on track for approval before the ECB intervened.
Jenkinson’s source indicated that Binance had essentially received the green light before the ECB stepped in. Lagarde’s stance on cryptocurrencies – and stablecoins in particular – has long been known: as previously reported by Atlas21, the president has actively pushed for the digital euro as an alternative to dollar-denominated stablecoins.
At the Banco de España LatAm Economic Forum in May, Lagarde described the case for euro-denominated stablecoins as “much weaker than it appears”, warning that they could undermine banks’ ability to extend loans and central banks’ ability to control interest rates. She cited the case of Circle’s USDC, which lost its peg during the Silicon Valley Bank collapse in 2023, as evidence of the structural fragility of the stablecoin model.
With Greece out of the picture, Binance has turned to France as its only remaining path to MiCA authorisation. The exchange is in negotiations with the Autorité des Marchés Financiers (AMF), although no formal application has yet been submitted. The MiCA regulation allows companies to offer their services across all 27 member states if they are authorised in just one EU country. However, companies without a licence will be required to cease offering services to European customers from 1 July. France is now considered the only jurisdiction capable of processing a MiCA licence within the timeframe Binance needs, with a deadline of 30 June.
Binance CEO Richard Teng addressed user concerns on X on 16 June, writing that the exchange is committed to its European users and to operating under a clear, fair, and compliant framework. In a subsequent post, Teng stated that customer funds “remain safe” and “will remain accessible at all times”, adding that the company would provide further updates before 30 June. As previously reported by Atlas21, Binance’s continued presence in Europe is at risk precisely because of this regulatory situation.
