WSJ Reports Lagarde Intervened in Binance EU License Bid Through Greece

European Central Bank President Christine Lagarde personally intervened to prevent Binance from obtaining an EU-wide cryptocurrency license through Greece, according to a report by The Wall Street Journal cited by Wu Blockchain.

Binance had pursued authorization through Greece’s financial regulator as part of its effort to establish a regulatory foothold across the European Union. Greek officials initially told the exchange that its application had been completed, according to the report. Binance had subsequently prepared a press release describing the expected approval as a “major milestone.”

Binance Prepared for Greek License Approval

The reported licensing process was significant for Binance because authorization in one EU member state under the bloc’s Markets in Crypto-Assets Regulation, or MiCA, can provide a framework for offering services across other member states.

According to the WSJ report cited by Wu Blockchain, Binance had prepared for what it believed would be a successful outcome in Greece. The company had drafted a statement announcing the approval, while Chief Executive Richard Teng planned to travel to Athens for a photograph with Greek Prime Minister Kyriakos Mitsotakis.

That plan ultimately did not proceed.

The Wall Street Journal reported that Lagarde personally intervened during the process, preventing the expected approval from moving forward. The report describes the intervention as a key factor in the collapse of Binance’s Greek licensing effort.

Binance Later Withdrew Its Greek Application

The reported development followed Binance’s efforts to secure a MiCA license in Greece. Binance had previously said that it was working with Greece’s Hellenic Capital Markets Commission, or HCMC, on its application.

In June, Binance officially announced that it had withdrawn its MiCA license application in Greece and would seek authorization in another EU member state. The company said at the time that it remained committed to serving European users and pursuing authorization under the MiCA framework.

The sequence described by the WSJ adds new detail to the circumstances surrounding the withdrawal. Earlier reporting from Greek media had also described the Greek licensing process as having encountered opposition and suggested that the European Central Bank played a role, although the precise nature of that involvement had not been publicly established.

MiCA Licensing Authority Remains With National Regulators

The reported intervention also raises questions about the distinction between formal licensing authority and broader institutional influence.

Under MiCA, authorization of crypto-asset service providers is handled by national competent authorities. In Greece, that responsibility falls to the HCMC rather than the ECB. Legal experts cited by Cointelegraph have said MiCA does not necessarily prevent EU institutions from communicating with national regulators during an application process, even though the ECB does not formally grant or deny a CASP license.

The WSJ report therefore concerns the reported role of Lagarde in the process rather than a formal ECB licensing decision.

For Binance, the immediate regulatory timeline shifted after the Greek application was withdrawn. The exchange said it would pursue authorization in another EU member state, leaving its next licensing route as the subsequent stage of its European regulatory strategy.

Writer: Victoria Hale
Technology & Blockchain Writer

Victoria Hale writes about blockchain technology, digital infrastructure, and the intersection of emerging technologies with finance. Her articles explore how new protocols and systems are shaping the evolving digital economy.

She prioritises clarity and accuracy when explaining technical developments to a general audience.