Binance's MiCA License Bid Blocked by ECB President Lagarde

Binance's bid for a MiCA license has been stalled due to ECB President Christine Lagarde's intervention, according to a recent report by the Wall Street Journal.

Lagarde personally stepped in to block Binance's application, citing concerns that crypto exchanges are driving stablecoin adoption and potentially undermining the Digital Euro.

The ECB is planning to launch its own central bank digital currency (CBDC) called the Digital Euro from mid-2027, with a full launch scheduled for 2029.

Binance's troubles in securing a MiCA license were also attributed to the exchange's guilty plea for money laundering and sanctions violations in the U.S. in 2023.