- The Wall Street Journal reported Lagarde personally intervened to delay Binance's Greek MiCA application. A senior Greek regulator told Binance that Lagarde wanted the decision delayed until ESMA takes over licensing decisions for crypto exchanges under a proposed EU reform.
- Lagarde was concerned Binance's scale as the world's largest crypto exchange would deepen dollar-based stablecoin use in the region, undermining the digital euro and euro-denominated alternatives.
- Binance withdrew its Greek application in mid-June after the Hellenic Capital Market Commission decided not to approve its MiCA license request. Binance says it still plans to seek authorization under MiCA.
- ESMA privately advised national financial regulators to reject Binance's MiCA applications over concerns with the exchange's past compliance issues, according to the WSJ.
Quotes
“We will not comment on speculation”
“In Europe, Binance remains committed to operating on a long-term, compliant basis under the EU’s Markets in Crypto-Assets Regulation (MiCA).”
“We are actively working toward becoming MiCA-authorised and view this as an important step in providing users with a consistent, regulated, and trusted service across the European market”
“We were deemed to have a complete application”
“Nothing was missing, nothing material was outstanding.”