European Central Bank (ECB) President Christine Lagarde personally pressed Greek leaders to stop Binance from receiving a pan-European crypto license, according to a Wall Street Journal account published in mid-September 2026.
The report, based on people familiar with the talks and related documents, describes an application that had appeared close to success before political pressure reversed the outcome.
Binance had sought authorization as a crypto-asset service provider under the European Union’s Markets in Crypto-Assets (MiCA) framework through Greece’s Hellenic Capital Market Commission.
Under MiCA, a license granted by one member state can be “passported” across the bloc.
By late May, Greek officials had indicated the file was complete.
The exchange drafted a “major milestone” announcement, and chief executive Richard Teng planned to travel to Athens for a photograph with Prime Minister Kyriakos Mitsotakis.
Local staff had even begun looking at office space.
That trajectory changed in early June.
After the HCMC notified the European Securities and Markets Authority that it intended to approve the application, a senior Greek official told Binance that
Lagarde had asked Mitsotakis not to grant the license.
Without the prime minister’s backing, the regulator said it could not proceed.
About a week later, Binance was informed the authorization would not move forward.
The company withdrew the Greek filing on June 24, days before the July 1 deadline that required existing crypto firms to hold a license or halt EU operations.
The Journal said Lagarde’s objections were twofold.
First was Binance’s 2023 US guilty plea to Bank Secrecy Act, money-transmission, and sanctions violations, which produced a $4.3 billion settlement.
Second was concern that the world’s largest exchange would accelerate use of dollar-backed stablecoins in Europe, undercutting the ECB’s digital euro project and euro-denominated alternatives.
Lagarde has publicly argued that dollar stablecoins already dominate a market exceeding $300 billion.
The ECB has no formal role in authorizing crypto-asset service providers; that power sits with national regulators, with ESMA coordinating consistency.
The Journal also reported that ESMA had privately advised national authorities to reject Binance applications because of the firm’s compliance history.Greek officials disputed parts of the account.
An HCMC spokesperson said the comments attributed to its officers were not made and that the application was assessed independently.
An adviser to Greece’s finance minister said the government did not intervene and described the HCMC as an independent authority.
An ECB spokesperson declined to comment on the specific allegations, noting the bank has no institutional licensing role.
Binance said it would not comment on speculation and later stated it would pursue authorization in another EU country.
The episode highlights how informal influence can shape a process that is legally national.
It also leaves Binance without the EU-wide passport it nearly obtained, while licensed competitors continue to operate. Whether later applications succeed will test whether the same political and policy concerns persist.