Christine Lagarde personally intervened to keep Binance out of the European market

ECB President Christine Lagarde intervened personally to prevent Binance from obtaining a European licence via Greece. The Wall Street Journal reports this, citing sources familiar with the process. In June, the application had appeared well advanced. Binance was already preparing an announcement internally and CEO Richard Teng planned to travel to Athens. In the end, the licence did not come through and Binance withdrew its Greek application.

Binance believed the licence was nearly secured

Binance was seeking a licence under the EU’s MiCA rules via Greece. Such a licence allows a crypto company, subject to conditions, to offer services in other European countries from a single EU member state.

Timing mattered. Crypto companies had to comply with the new European regime by 1 July 2026. Binance was trying to secure a licence through the Greek regulator before that deadline.

According to The Wall Street Journal, Greek officials had told Binance that the application was complete. The exchange therefore appeared to be counting on a successful outcome.

Binance even pressed ahead with preparations. It drafted a press release describing the expected approval as a “major milestone”. CEO Richard Teng also planned a trip to Athens, where a photo opportunity with the Greek prime minister was scheduled to take place.

Behind the scenes, however, the situation changed.

Lagarde intervened personally

According to the WSJ, Christine Lagarde involved herself personally in the matter. The ECB President asked the Greek government not to approve Binance’s application.

According to the newspaper, several concerns were at play. Lagarde wanted, among other things, to wait for a possible change in European oversight. ESMA might in future be given a larger role in issuing crypto licences, rather than such decisions resting mainly with national regulators.

Stablecoins were also a factor. Lagarde was concerned that a stronger position for Binance in Europe would further increase the use of stablecoins pegged to the US dollar.

That is a sensitive issue for the ECB, which is at the same time working on the digital euro. The growth of dollar stablecoins could affect the euro’s role in digital payments and the broader European financial market.

Binance eventually withdrew its application

The planned approval ultimately did not materialise. Binance voluntarily withdrew its application in Greece, ending its route to an EU-wide licence through the country.

That makes the episode all the more striking. Binance initially appeared so confident of progress that an announcement and a visit by Teng were already being prepared. According to the WSJ, personal intervention by one of Europe’s most senior financial officials then played a role in derailing those plans.

The matter took place in June but is only now coming to light through reporting by the US business newspaper. That sheds more light, in hindsight, on what was happening behind the scenes around Binance’s European ambitions ahead of the MiCA deadline of 1 July.