ECB President Christine Lagarde intervened to block Binance’s EU MiCA license: WSJ
Although the ECB holds no formal licensing authority under MiCA, high-level intervention led Greece to stall an application that regulators had previously deemed complete, the Journal said.
European Central Bank President Christine Lagarde personally intervened to prevent crypto exchange Binance from obtaining a Markets in Crypto-Assets (MiCA) license in Greece, according to a Wall Street Journal report that cited people familiar with the process.
A senior Greek regulator told Binance that Lagarde wanted the decision delayed until the European Securities and Markets Authority (ESMA) takes over licensing decisions for crypto exchanges under a proposed EU reform that has yet to be adopted, the Journal reported.
MiCA approval is granted by the financial regulators of individual European Union (EU) countries. Approval in one country gives the recipient a license to operate across the bloc. The ECB is influencing decisions because of concerns over stablecoins and the digital euro, the Wall Street Journal said.
Binance withdrew its Greek application in mid-June and began winding down operations after officials at the Hellenic Capital Market Commission (HCMC) decided not to approve Binance’s MiCA license request at the last minute.