Lagarde Blocks Binance MiCA License Over Stablecoin Concerns
European Central Bank President Christine Lagarde personally intervened in the process of granting Binance a MiCA license, helping to block the application. The Wall Street Journal reported this.
In late May, Binance was preparing to announce its success in obtaining a pan-European license through Greece's financial regulator. However, Greek regulators postponed the decision at the request of Lagarde, citing concerns that Binance's scale would accelerate the expansion of dollar-pegged stablecoins in Europe and undermine the sovereignty of the digital euro.
The ECB has no direct licensing mandate under MiCA, but Lagarde opposed the move due to these risks. The company's application also encountered problems related to compliance standards and the 'fit and proper' assessment of its management.