Lagarde Blocks Binance EU Licence Bid Amid Euro Stablecoin Concerns

The European Central Bank (ECB) President Christine Lagarde has reportedly intervened to stall Binance's bid for an EU-wide crypto licence, according to The Wall Street Journal.

Binance missed the 1 July deadline under the EU's Markets in Crypto-Assets (MiCA) rules, losing the ability to advertise its platform to an estimated 450 million people across the bloc.

Greek officials had initially told EU coordinators that they intended to approve the licence, but Lagarde allegedly raised concerns with Greek Prime Minister Mitsotakis, resulting in a delay.

The Hellenic Capital Market Commission (HCMC) operates independently, and its officials deny making remarks attributed to them. However, a vice chair's account suggests Lagarde prefers EU-level oversight over national approval due to concerns that Binance's scale could crowd out euro-denominated stablecoins in favour of dollar ones.