ECB President Lagarde Said to Block Binance’s EU License Bid

According to a Wall Street Journal report published on September 18, 2026, European Central Bank (ECB) President Christine Lagarde personally urged Greek Prime Minister Mitsotakis to reject Binance’s request for a Europe‑wide crypto‑asset license. The intervention halted the exchange’s bid for a Markets in Crypto‑Assets (MiCA) passport, keeping Binance out of the European Union.

Background on the License Process

Under MiCA, a single member‑state authorization allows a crypto firm to operate across all 27 EU countries. Binance had prepared a “major milestone” press release, planned a photo shoot in Athens and was close to signing a local office lease when the application was withdrawn on June 24, before the Hellenic Capital Market Commission (HCMC) could issue a decision.

Reasons Cited for the Block

• Regulatory turf: Lagarde reportedly preferred to wait for the European Securities and Markets Authority (ESMA) to assume EU‑wide licensing authority rather than let a national regulator grant a bloc‑wide permit.
• Monetary concerns: A larger Binance presence could accelerate the use of dollar‑denominated stablecoins, which the ECB sees as competing with its upcoming digital euro pilot (expected 2027) and future issuance (target 2029).

Impact on Users

When the MiCA transition period ended on July 1, Binance’s French entity stopped spot, margin and futures trading, affecting roughly two million French customers. Users were forced to withdraw assets rather than continue trading.

Current Status and Next Steps

Binance is now seeking authorization from France’s Autorité des Marchés Financiers (AMF). The exchange continues to rely on MiCA’s reverse‑solicitation provision and on routing some EU trades through an Abu Dhabi‑based entity, a practice ESMA says does not meet the exemption’s criteria. The European Union has already granted more than 230 MiCA licenses to other crypto firms.

Broader Implications

Binance processes over 45 % of global spot crypto volume, meaning a large portion of European retail trading is currently inaccessible to the exchange. The outcome of its licensing effort could influence the EU’s overall crypto‑market competitiveness.