Lagarde Reportedly Ghosted Binance's MiCA Vow Before the Altar 🇪🇺

European Central Bank President Christine Lagarde personally intervened to prevent crypto exchange Binance from securing a Markets in Crypto-Assets (MiCA) license in Greece, The Wall Street Journal reported. According to the Journal, a vice chair of Greece's Hellenic Capital Market Commission (HCMC) told Binance that Lagarde had asked Greek Prime Minister Kyriakos Mitsotakis not to approve the exchange's application, citing concerns that Binance's scale could expand dollar-based stablecoin use and undermine the digital euro and other euro-denominated alternatives. The senior Greek regulator also said Lagarde pushed for the decision to be delayed until the European Securities and Markets Authority (ESMA) takes over licensing authority for major crypto exchanges under a proposed EU reform that has yet to be adopted. MiCA approval is granted by individual EU national regulators, and authorization in a single country grants a license to operate across the bloc, giving access to roughly 450 million EU residents. The ECB holds no formal licensing authority under MiCA. Greek officials had informed ESMA in early June that the HCMC intended to approve Binance's application, according to the Journal, and the exchange had filed its Greek MiCA application in January. Binance withdrew its Greek filing on June 24 and said it would seek authorization in another EU jurisdiction ahead of the July 1 MiCA deadline, losing passport access to the bloc as licensed rival Coinbase moves ahead in Europe. "We will not comment on speculation," a Binance spokesperson said. "In Europe, Binance remains committed to operating on a long-term, compliant basis under the EU's Markets in Crypto-Assets Regulation (MiCA)." The spokesperson added: "We are actively working toward becoming MiCA-authorised and view this as an important step in providing users with a consistent, regulated, and trusted service across the European market." Binance earlier cited the exchange's 2023 U.S. money-laundering guilty plea in its Greek withdrawal communications. The ECB and HCMC did not respond to requests for comment before publication.