ECB President Lagarde Opposes Binance EU Expansion as France Emerges as Final MiCA Option

• Binance’s reported MiCA application setback in Greece has intensified pressure ahead of the EU’s June 30 authorization deadline.
• The Big Whale reported that political concerns surrounding stablecoins and Binance’s market influence contributed to the blockage.
• France has emerged as Binance’s primary remaining option for obtaining an EU-wide MiCA license.
• Binance warned that licensing delays could affect liquidity and competition across the European crypto market.

Binance is facing increasing regulatory pressure in Europe after reports emerged that Greece is expected to reject the exchange’s application for authorization under the European Union’s Markets in Crypto-Assets (MiCA) framework.

According to a report published Wednesday by The Big Whale, sources familiar with the matter said the application was blocked despite reportedly satisfying most regulatory requirements. The publication reported that concerns raised at the political level over stablecoins and Binance’s influence within the European crypto sector ultimately halted the approval process.

The development comes at a critical moment for crypto firms operating in Europe. Under MiCA, companies seeking to provide services across the European Union must secure authorization from a national regulator by June 30. Once approved, firms can use MiCA’s passporting system to offer services throughout the bloc.

The deadline is particularly significant as several European exchanges and service providers have already begun adjusting their offerings to comply with MiCA requirements, including changes affecting stablecoin-related products ahead of the framework’s full implementation.

France Emerges as Binance’s Main Path to EU Authorization

The Big Whale reported that a failure to secure approval in Greece would remove one of Binance’s potential routes into the MiCA regime, leaving France as the most viable remaining jurisdiction capable of granting authorization within the required timeframe.

According to the report, discussions between Binance and France’s financial regulator, the Autorité des marchés financiers (AMF), are ongoing, although a formal application has not yet been submitted.

Binance said it remains committed to the European market and has worked with regulators throughout what it described as an 18-month authorization process. The exchange added that its priority remains ensuring uninterrupted services for users during the MiCA transition period.

Gregory Raymond, co-founder of The Big Whale, wrote:

He added that discussions with French authorities are continuing.

Political Concerns Reportedly Behind Greek Decision

The Big Whale cited sources claiming that Greece’s Hellenic Capital Market Commission (HCMC) considered Binance’s application complete and compliant with MiCA requirements before the process was allegedly halted at a higher political level.

The publication reported that concerns were linked to stablecoins and Binance’s role as a major source of liquidity for those assets within Europe. The report further claimed that French authorities, including the Treasury and anti-money laundering agency Tracfin, favor supervision of Binance from Paris rather than seeing the platform potentially leave the European market.

Greece was expected to reject Binance’s MiCA application, a development that The Big Whale said it was able to independently confirm through its own sources.

Binance has warned that prolonged delays in MiCA approvals could reduce liquidity, limit competition, and potentially push some crypto-related activity outside the European Union. Despite the licensing challenges, the exchange said it continues to support MiCA as a framework that enhances regulatory clarity and consumer protection.

With fewer than two weeks remaining before the June 30 authorization deadline, Binance’s efforts to secure regulatory approval have become increasingly important for maintaining uninterrupted access to the European market under the EU’s new crypto regulatory regime.