Binance scrambles for France after Lagarde sinks Greek bid

Binance has been left relying on France as its last realistic route to secure a Markets in Crypto-Assets license after its expected authorization bid in Greece reportedly stalled ahead of the European Union’s June 30 deadline.

Summary

• The Big Whale reported that Christine Lagarde helped derail Binance’s MiCA application in Greece despite regulatory progress.
• With the Greek route stalled, France has emerged as Binance’s last realistic option for securing EU-wide authorization.
• Binance said its application met MiCA requirements and warned approval delays could reduce liquidity and competition.

According to a report published Wednesday by The Big Whale, European Central Bank President Christine Lagarde played a key role in blocking Binance’s Greek application despite the exchange having cleared most regulatory requirements.

Sources familiar with the matter told the publication that concerns raised at the political level over stablecoins and Binance’s influence within the European crypto sector ultimately halted the process.

The setback has increased pressure on the world’s largest crypto exchange as MiCA’s transition period approaches its final days. Under the EU’s new regulatory framework, crypto firms must secure authorization from a member state regulator by June 30 to continue serving customers across the bloc through MiCA’s passporting system.

Should Greece fail to approve, Binance would lose access to that route entirely, leaving France as the only remaining jurisdiction considered capable of issuing authorization within the required timeframe, according to The Big Whale.

Discussions between Binance and France’s financial regulator, the AMF, are reportedly continuing, although no formal application has yet been submitted.

France emerges as Binance’s remaining option

Attention has now turned to France after reports surfaced earlier this week that Greek regulators were expected to dismiss Binance’s application. Because MiCA operates under a single-license structure, approval in one member state allows crypto firms to offer services throughout the European Union.

With the Greek pathway reportedly closed, Binance’s ability to maintain uninterrupted access to European customers now depends on securing authorization elsewhere before the deadline.

Responding to reports surrounding the Greek application, Binance reiterated its commitment to the European market. The company said it had adopted what it described as a prudent approach during the MiCA transition and was focused on minimizing disruption for users while providing clarity on any upcoming changes.

The exchange also stated that it had worked alongside regulators for the past 18 months and participated in the authorization process in good faith. According to Binance, its understanding is that Greece’s regulator completed its review and considered the application compliant with MiCA requirements, while the filing was also reviewed at the European Securities and Markets Authority level.

Binance warns of market consequences from delays

Beyond its own application, Binance argued that delays to MiCA authorizations could affect the European crypto market more broadly. According to the company’s statement, prolonged uncertainty could reduce liquidity, limit competition and consumer choice, and encourage some activity to move outside the European Union.

Maintaining that it remains committed to Europe, Binance said it is continuing to pursue what it described as the right path forward under MiCA and plans to provide additional updates before June 30.

The latest challenge adds to a series of licensing hurdles the exchange has faced in several jurisdictions. Earlier this year, the Bangko Sentral ng Pilipinas stated that neither Binance nor its local partner, BlockShoals Technologies, possessed the virtual asset service provider license required to conduct certain crypto-related activities in the Philippines.

Despite those regulatory obstacles, Binance has consistently supported MiCA publicly. The company has previously described the framework as a positive step for the industry, arguing that it improves legal certainty, strengthens consumer protections, and creates a more structured environment for crypto businesses operating across Europe.