Lagarde reportedly opposed Binance MiCA bid in Greece

Binance applied for a MiCA crypto-asset service provider (CASP) license in Greece in January. Reports circulated that European Central Bank President Christine Lagarde told Greek Prime Minister Kyriakos Mitsotakis the exchange was not welcome; the application subsequently stalled and the regulator has not published a final decision.

Under the Markets in Crypto-Assets (MiCA) framework, national competent authorities grant CASP licenses. In Greece that body is the Hellenic Capital Market Commission (HCMC). Binance wrote that it understood the HCMC had completed its review and considered the application compliant, and that the file was under review at the European Securities and Markets Authority (ESMA) level. ESMA does not itself issue CASP licenses under MiCA.

Legal advisers pointed to the text of MiCA when explaining the procedural limits and possibilities. David Lesperance, founder of Lesperance & Associates, said that nothing in MiCA prevents another EU institution from offering an opinion to a national authority during a review. Yuriy Brisov of Digital & Analogue Partners noted MiCA does not explicitly bar the European Central Bank from communicating concerns to national regulators, but that the treaty gives the ECB a defined role mainly in rules for stablecoin issuers rather than exchange licensing.

Stablecoins featured in public remarks from ECB officials. The central bank has warned about risks associated with privately issued stablecoins and has argued for tokenized settlement systems anchored by central bank money. An ECB executive board member has cautioned that broad private stablecoin use could strengthen the dominance of the U.S. dollar. Reports linked those policy concerns to the message attributed to Lagarde.

Market data show Binance is a major hub for stablecoin liquidity. In February the exchange held about $47.5 billion in USDT and USDC combined, roughly 65% of stablecoin reserves held on centralized exchanges.

The MiCA transitional period ends on July 1, a deadline that will determine which crypto firms can continue operating across the European Union under the new licensing regime. Some reports mentioned France as a possible alternative jurisdiction for Binance inside the EU; no formal application to French authorities has been filed.

Regulatory bodies did not provide public comment on the reports. Binance declined to give further immediate comment beyond its public statements on the application’s status. The HCMC and ESMA have not confirmed a final outcome publicly.