Lagarde Blocks Binance's EU License Bid Amid Compliance Concerns
Binance's efforts to secure an EU-wide crypto license through Greece were reportedly blocked after European Central Bank President Christine Lagarde intervened, according to sources.
The exchange had prepared a press release celebrating the expected approval as a 'major milestone,' but those plans stalled after a Greek regulatory official informed Binance that Lagarde opposed the license.
Binance's past U.S. compliance violations and concerns about dollar-backed stablecoins gaining ground in Europe were reportedly among the reasons for Lagarde's opposition, which contributed to the exchange withdrawing its application before a final decision was issued.
The European Central Bank does not directly approve crypto exchange licenses under the Markets in Crypto-Assets regulation (MiCA), but Lagarde's reported intervention may have influenced Greece's Hellenic Capital Market Commission's handling of Binance's application.