European Central Bank President Christine Lagarde played a role in slowing Binance’s planned Markets in Crypto-Assets authorization in Greece, according to a report that cited people familiar with the matter.
The Big Whale reported that Binance’s Greek application had cleared most regulatory hurdles before concerns were raised at the political level over stablecoins and the exchange’s influence in Europe’s crypto market. The reported delay has placed Binance’s European operating path under pressure as the MiCA transition period nears its end.
The latest report follows earlier accounts that Binance’s application with Greece’s Hellenic Capital Market Commission could be rejected. Under MiCA, crypto companies must secure authorization by June 30 to continue serving customers across the European Union through a single-license framework.
Binance had selected Greece as its European regulatory base after considering where to pursue MiCA authorization. The exchange submitted a detailed application to the Hellenic Capital Market Commission and said it worked with the regulator for about 18 months.
According to the report, the Greek route had been expected to move forward before concerns emerged over stablecoins and Binance’s market position. The report said Lagarde helped derail the process, leaving Binance with fewer options before the EU deadline.
The Hellenic Capital Market Commission has not publicly commented on the status of Binance’s application, citing confidentiality rules. Without an approved MiCA licence, Binance may not be able to legally offer services to EU clients from July.
MiCA is designed to create one harmonized crypto rulebook across the bloc, allowing authorized firms in one member state to serve customers throughout the EU. A failed application in Greece would therefore affect Binance’s ability to rely on that jurisdiction for market access.
Binance said it believes its application met MiCA requirements and that the Greek regulator had completed its review. The exchange also said it understood that the application had been reviewed at the European Securities and Markets Authority level.
Chief Executive Richard Teng said Binance remains dedicated to Europe and committed to operating under a clear, fair, and harmonized MiCA framework. He said user assets remain secure and accessible, while the exchange intends to support an orderly process and minimize disruption.
Binance said it now has more than 1,500 people in compliance roles and has invested in systems, controls, and regulatory teams. The company also cited its licensing under the Abu Dhabi Global Market framework and said it had prevented nearly $7 billion in potential fraud losses.
The exchange said any delay or distortion in its MiCA path could reduce liquidity, weaken competition, limit user choice, and push activity outside the EU. Binance said it will provide another update before June 30, including details on next steps and available options for European users.
The report said Binance is now focusing on France, where discussions with the Autorité des marchés financiers are reportedly ongoing. No application has been filed, but France is being viewed as the only realistic jurisdiction that could still grant MiCA authorization within the required timeframe.
The situation places Binance in a narrowing window as the EU’s new crypto framework moves into full effect. Firms that fail to secure authorization must adjust operations, limit services, or find alternative legal routes to continue serving European customers.
The case also shows how stablecoins remain a central concern for European policymakers. The ECB has repeatedly warned that large dollar-denominated stablecoins could affect monetary sovereignty, financial stability, and payment system oversight in the region.
Binance has said it supports MiCA as a positive step for the industry because it creates clearer rules, improves consumer protection, and sets a more structured environment for digital asset innovation.
