- Binance’s EU license push in Greece was reportedly blocked after ECB intervention.
- Reported concerns included Binance’s compliance history and dollar stablecoins.
- Binance withdrew its application and planed to seek an EU license elsewhere.
Binance’s effort to secure an EU-wide crypto license through Greece was blocked after European Central Bank President Christine Lagarde reportedly intervened, despite indications that approval was near.
According to sources, Lagarde asked Greek Prime Minister Kyriakos Mitsotakis to stop the authorization. However, neither institution has publicly confirmed the reported intervention.
Greek Approval Plans Stalled After Opposition
The exchange sought authorization under the Markets in Crypto-Assets regulation (MiCA), through Greece’s Hellenic Capital Market Commission. A license would have allowed Binance to offer services across the European Union through the framework’s passporting provisions.
Greek authorities told the European Securities and Markets Authority’s Digital Finance Standing Committee in early June that they intended to approve the application.
Binance had prepared a press release calling the anticipated approval a “major milestone.” Chief Executive Richard Teng planned to visit Athens for a photograph with Mitsotakis.
As per sources, those preparations stalled after a Greek regulatory official told Binance that Lagarde opposed the license. Binance withdrew its application before the commission issued a decision.
Compliance History and Stablecoins Drew Scrutiny
The reported opposition centered on Binance’s past U.S. compliance violations and concerns about dollar-backed stablecoins gaining ground in Europe. Binance previously admitted to financial crime-related charges in the United States. According to the report, that history contributed to Lagarde’s concerns about granting the exchange access to the European market.
Furthermore, Binance’s expansion could increase the use of dollar-denominated stablecoins and weaken the position of the ECB’s proposed digital euro. These concerns formed part of the newspaper’s account of the discussions.
Binance to Seek EU License Elsewhere
The ECB does not directly approve crypto exchange licenses under MiCA, as applications are handled by national regulators. In this case, Greece’s Hellenic Capital Market Commission was responsible for reviewing Binance’s application and said it acted independently under Greek and EU rules, without confirming the reported intervention.
Binance withdrew its application before a final decision was issued and said it plans to pursue authorization in another EU jurisdiction. The exchange also maintained that it is not exiting the European market.
Related: Binance to Suspend Deposits and Withdrawals on September 22
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