Lagarde Blocks Binance's EU License Bid Amid Regulatory Concerns

Christine Lagarde, the president of the European Central Bank (ECB), has personally intervened to block Binance's bid for a European Union operating license.

The news was reported by the Wall Street Journal, citing unnamed sources. According to the report, Lagarde directly asked Greek Prime Minister Kyriakos Mitsotakis not to approve Binance's MiCA application.

Binance had been attempting to obtain an EU-wide license through Greece, and had already submitted its application. However, a Greek regulatory official reportedly informed Binance that Lagarde's intervention had blocked the process.

The move has raised questions about Lagarde's involvement in the regulatory process and whether it constitutes a breach of ECB protocol. While the ECB does not have formal authority over MiCA licenses, Lagarde's actions could be seen as an attempt to exert influence or even pressure on national regulators.

It is worth noting that Binance had withdrawn its Greek license application in July after receiving informal advice from EU regulatory authorities to do so due to concerns about the company's past financial misconduct. The MiCA regulation, which came into effect on July 1, requires crypto companies to obtain a license to operate within the EU.

Binance has maintained that it is committed to obtaining an EU-wide license and will continue to pursue its goal despite this setback.