Binance's MiCA License Bid Derailed Amid Lagarde's Intervention

Binance's efforts to secure a MiCA license in Greece have been derailed after European Central Bank President Christine Lagarde reportedly urged Greek Prime Minister Kyriakos Mitsotakis to reject the application.

The WSJ reported that Lagarde's concerns centered around Binance's compliance history and the potential implications of dollar-denominated stablecoins on the ECB's digital-euro project. The MiCA framework does not allow national regulators to issue crypto-asset service licenses, but rather enables consistent application of rules across EU member states.

Binance had been preparing for a formal announcement, with CEO Richard Teng planning to travel to Athens and the local team preparing to lease an office. However, on June 24, the company withdrew its Greek application, stating it would instead pursue authorization in another EU member state.