ECB President Christine Lagarde intervened to block Binance’s EU MiCA license: WSJ
European Central Bank President Christine Lagarde personally intervened to block Binance from obtaining a regulatory license under the European Union's Markets in Crypto-Assets framework, according to a report by the Wall Street Journal. The intervention reportedly prevented the world's largest cryptocurrency exchange by trading volume from securing official operating authorization across EU member states under the landmark crypto regulatory regime.
MiCA, which came into full effect in December 2024, established a unified licensing framework for crypto asset service providers operating within the European Union. A MiCA license grants companies passporting rights, allowing them to operate across all 27 EU member states under a single authorization. Binance had been pursuing regulatory approval in several EU jurisdictions as part of its broader effort to rebuild its global compliance standing following a landmark $4.3 billion settlement with U.S. authorities in 2023.
The reported intervention by the ECB's top official carries significant weight for the broader crypto industry, signaling that high-level regulatory opposition to major crypto firms remains a material risk even under established legal frameworks. Binance's inability to secure EU-wide licensing could limit its access to one of the world's largest financial markets and potentially redirect European retail and institutional users toward competing platforms holding valid MiCA authorizations.
Binance has not yet issued a formal public response to the report. Market observers will be watching for official statements from both the ECB and EU regulatory bodies, as well as any legal challenges Binance may pursue in response.
Source: CoinDesk
