The ECB blocked the cryptocurrency exchange Binance from obtaining a European MiCA license — The Wall Street Journal

European Central Bank President Christine Lagarde personally intervened in the process of granting the cryptocurrency exchange Binance a MiCA license in Greece, helping to block the application. 

The Wall Street Journal reported this.

 

In late May, Binance was preparing a major announcement that was expected to open the European market to the world’s largest cryptocurrency exchange.

Representatives of the Greek authorities informed Binance that the review process for its application for a pan-European license, submitted through Greece’s financial regulator, had been successfully completed. The company’s press release announcing this “important milestone” was ready for publication. Binance CEO Richard Teng had planned to fly to Athens for a joint photo op with the prime minister, and his local deputy was preparing to sign an office lease agreement.

However, Greek regulators postponed the decision at the request of the ECB president to refer the matter to the European Securities and Markets Authority (ESMA). Although the ECB has no direct licensing mandate under MiCA, Lagarde opposed the move due to concerns that Binance’s scale would accelerate the expansion of dollar-pegged stablecoins in Europe and undermine the sovereignty of the digital euro.

In addition to risks to the sovereignty of the EU’s payment systems, Binance’s application in Greece has encountered problems related to compliance standards and the “fit and proper” assessment of its management.

MiCA licenses are currently issued by national regulators in EU countries, but the EU plans to transfer these powers to the pan-European level, specifically to ESMA.

As a reminder, in June 2026, the Binance cryptocurrency exchange warned customers in EU countries about temporary restrictions on some services due to new regulatory requirements.

Over the course of two years, transactions totaling approximately $850 million linked to Iranian entities may have passed through the Binance cryptocurrency exchange.

Vladimir Smerkis, the former head of the Binance cryptocurrency exchange in the CIS countries, was sentenced to five years in prison in a case involving fraud on an especially large scale.