European Central Bank President Christine Lagarde played a decisive role in blocking Binance's Markets in Crypto-Assets (MiCA) authorization bid in Greece, according to a Wednesday report from The Big Whale. The exchange had cleared most regulatory hurdles, but political-level concerns over stablecoins and Binance's sway in the European crypto sector ultimately stalled the process.
Lagarde's Intervention Sinks Greek Route
Under MiCA's single-license regime, approval in one EU member state grants passporting rights across the bloc. Greece had been Binance's primary target, and sources told The Big Whale that the application was nearly complete. Lagarde, however, raised objections on political grounds, questioning the risks tied to stablecoins and Binance's influence. The ECB president's push effectively ended Greece's willingness to approve.
France Emerges as Last Viable Option
With the Greek path closed, Binance now turns to France's financial regulator, the Autorité des Marchés Financiers (AMF). Discussions are ongoing, but no formal application has been filed yet. France is considered the only jurisdiction capable of granting authorization within the tight timeframe before June 30, when MiCA's transitional period ends and firms without a license must cease serving EU customers.
Binance Responds, Warns of Market Impact
Binance stated it had cooperated with regulators for 18 months and believed its filing was MiCA-compliant. The exchange noted that Greece's regulator had completed its review and deemed the application satisfactory, with the European Securities and Markets Authority also involved. Binance warned that prolonged approval delays could reduce liquidity, competition, and consumer choice across the EU, pushing some activity outside the bloc. The company said it remains committed to Europe and will provide updates before the deadline.
This is not Binance's only regulatory roadblock. Earlier this year, the Bangko Sentral ng Pilipinas said Binance and its local partner lacked the virtual asset service provider license required in the Philippines. Despite the hurdles, Binance has consistently endorsed MiCA, calling it a positive step for legal clarity and consumer protection.