Binance Keeps MiCA Plans Despite Lagarde Report

Binance says it is still pursuing a European Union crypto license after a report alleged European Central Bank President Christine Lagarde intervened against its previous application in Greece.

The exchange declined to address the reported intervention, saying it would not comment on “speculation,” and reiterated that it remains committed to securing authorization under the Markets in Crypto-Assets Regulation. Binance currently has no MiCA license after withdrawing its Greek application on June 24.

Report Says Lagarde Urged Greece to Block Binance License 

The Wall Street Journal reported Sept. 18 that Lagarde asked Greek Prime Minister Kyriakos Mitsotakis not to approve Binance’s application after the Hellenic Capital Market Commission had moved close to granting authorization.

Greek officials had reportedly told the European Securities and Markets Authority in early June that the HCMC intended to approve the application.

The Journal said concerns included Binance’s compliance history and the growing role of dollar-denominated stablecoins in Europe. Lagarde, the ECB and the Greek regulator have not publicly confirmed the reported intervention.

The ECB does not issue MiCA licenses. Applications are handled by national competent authorities, while ESMA coordinates supervision across the bloc.

Binance Withdrew Greek MiCA Application On June 24 

Binance said in June that it had submitted a comprehensive application and that its understanding was that the HCMC had completed its review and considered the filing compliant with MiCA requirements.

The exchange also said it understood that the application had been reviewed at ESMA level. Those statements reflected Binance’s understanding of the process rather than publicly confirmed HCMC or ESMA determinations.

Binance withdrew the Greek application on June 24 and said it would seek authorization in another EU member state. It did not identify the replacement jurisdiction.

The exchange subsequently restricted some services for EU customers after reaching the July 1 MiCA deadline without authorization, while maintaining access to customer assets and withdrawals.

New MiCA Application Jurisdiction Remains Undisclosed

Binance has not announced where it will submit its next MiCA application or when it expects authorization. The exchange said Sept. 18 that its European strategy remains unchanged and that it continues to seek a long-term compliant route under MiCA.

Authorization from one EU member state could allow covered services to be passported across the bloc. Binance must first secure approval from a national regulator, with its next licensing jurisdiction still undisclosed.