Lagarde Blocks Binance EU License Bid Over Regulatory Concerns

Binance's bid for an EU crypto license was personally blocked by European Central Bank (ECB) President Christine Lagarde, according to a report from The Wall Street Journal.

Lagarde raised concerns over Binance's past US regulatory violations and the risk that wider dollar stablecoin use could weaken the ECB's planned digital euro. The exchange had applied through Greek regulators for a crypto-asset service provider license under the EU's Markets in Crypto-Assets framework, which lets one member state's approval cover the entire bloc.

Greek authorities told the European Securities and Markets Authority (ESMA) in early June that they intended to approve the bid. However, Lagarde reportedly opposed the application due to Binance's earlier guilty plea to US money-laundering and sanctions violations, which she saw as a compliance red flag.

Lagarde also feared that Binance's entry would accelerate dollar stablecoin adoption in Europe, undercutting the ECB's own digital euro project. The ECB holds no formal authority over exchange licensing under MiCA, but Lagarde's opposition reportedly influenced the decision.