Lagarde Blocks Binance from EU License Over Past Guilty Plea and Stablecoin Concerns

European Central Bank President Christine Lagarde personally intervened to block Binance from obtaining an EU-wide crypto license through Greece, according to a Wall Street Journal report.

Binance had submitted its application under Europe's MiCA crypto licensing framework through Greece's financial regulator, the Hellenic Capital Market Commission (HCMC), in late 2025. Greek officials had told Binance that the application was complete and that a press release was ready for distribution.

Lagarde's concerns about granting Binance a license included its 2023 US guilty plea to violations of the Bank Secrecy Act, failure to register as a money transmitting business, and sanctions law breaches. The settlement totalled more than $4.3 billion. Additionally, Lagarde reportedly worried that approving Binance would deepen the use of US dollar stablecoins in Europe, which could negatively impact the development of the European Central Bank's (ECB) digital euro.

Binance withdrew its application on June 24, before a formal rejection was issued by HCMC. Without a license, Binance had to stop promoting services to the EU's 450 million residents. The company now plans to apply for a MiCA license through another EU member state.