Binance's Greek MiCA bid faces renewed scrutiny

Binance withdrew its application for a Greek crypto‑asset service provider (CASP) licence under the EU’s Markets in Crypto‑Assets (MiCA) framework in June 2024, after reports that European Central Bank (ECB) President Christine Lagarde personally urged Greek Prime Minister Kyriakos Mitsotakis to block the approval.

Lagarde’s reported intervention

The Wall Street Journal said Lagarde raised compliance concerns, citing Binance’s past U.S. criminal case and the potential for increased use of dollar‑denominated stablecoins in Europe. The newspaper linked her remarks to the ECB’s broader worries about “digital dollarisation” and the need to protect monetary sovereignty.

Binance’s position on the Greek filing

Before withdrawing, Binance claimed its submission met MiCA requirements and that the Hellenic Capital Market Commission (HCMC) had completed its review. The exchange said it had not received any formal indication of rejection.

Regulatory context under MiCA

MiCA assigns initial licensing to national authorities, with the European Securities and Markets Authority (ESMA) playing a coordination role. A licence in one member state can serve as a passport for EU‑wide services, but the deadline for firms operating under previous national rules expires on 1 July 2026.

After the withdrawal

Binance announced it would seek authorisation in another EU member state, citing the “status and timeline” of the Greek process. The company later limited services to European users after the July deadline, while still exploring alternative arrangements.

Ongoing EU supervisory reforms

The European Commission is reviewing MiCA and considering a shift of major CASP supervision from national regulators to ESMA. The proposal has not yet become law, and discussions continue over the definition of “significant” providers.