Lagarde Blocks Binance EU Crypto License Bid Through Greece
Binance's bid for an EU-wide cryptocurrency license via Greece was blocked by European Central Bank President Christine Lagarde, according to a report in the Wall Street Journal.
The move derailed Binance's plans to obtain the license through Greece, with CEO Richard Teng planning to visit Athens for a photo opportunity with Prime Minister Kyriakos Mitsotakis. However, a senior Greek regulator informed Binance that Lagarde had asked Mitsotakis not to approve the application.
Lagarde expressed concerns over Binance's compliance record and its dollar-based stablecoins' potential impact on Europe's digital euro project. Although the ECB has no formal role in approving crypto licenses under the EU's Markets in Crypto-Assets (MiCA) rules, national regulators were advised to block Binance applications.
Binance withdrew its Greek application in June, citing plans to seek authorization in another EU member state. The company had previously stated that the Greek regulator had completed its review and deemed the application compliant with MiCA requirements.