ECB President Lagarde Intervenes to Block Binance’s EU MiCA License in Greece
- Binance applied for its MiCA license in Greece in January, with approval expected by late May.
- ECB President Christine Lagarde reportedly called Greek Prime Minister Kyriakos Mitsotakis, urging him to reject the application.
- The Hellenic Capital Market Commission (HCMC) had previously indicated that the application was complete and ready for approval.
- Binance withdrew its application on June 24, just days before the July deadline, impacting access for over 450 million EU residents.
- Concerns included Binance’s U.S. guilty plea on money laundering and potential risks to eurozone monetary policy from its stablecoin operations.
Lagarde’s intervention highlights the tension between regulatory oversight and cryptocurrency operations within the EU framework, particularly regarding stablecoins and their influence on monetary policy.
Without a MiCA license, Binance faces significant operational limitations in Europe, widening the gap with licensed competitors like Coinbase that have secured their licenses.(Source)
