Binance Maintains MiCA Ambitions Despite Reported Political Pressure

The Wall Street Journal reported that a vice chair of Greece’s Hellenic Capital Market Commission (HCMC) claimed Lagarde personally intervened by asking Prime Minister Kyriakos Mitsotakis to deny the exchange’s request. This alleged pressure followed concerns regarding the company’s 2023 U.S. guilty plea and a $4.3 billion settlement over anti-money laundering violations. Although the HCMC had previously signaled an intent to approve the license, the process stalled as the July 1 MiCA implementation deadline approached.

Binance officially withdrew its Greek application on June 24, citing a review of the process status. The firm had initially planned a high-profile announcement involving co-CEO Richard Teng and the Greek leadership, which would have granted the exchange a passporting route to operate across the entire European bloc. Since the withdrawal, the company has remained absent from the European Securities and Markets Authority’s registry of authorized providers.

Despite the setback, the exchange continues to serve European users through various regulatory workarounds, including reverse solicitation and entities based in Abu Dhabi. Binance maintains that it is actively seeking authorization in another EU jurisdiction to secure a long-term, compliant footing under the Markets in Crypto-Assets Regulation. The company declined to comment on the specific allegations regarding Lagarde’s influence, characterizing the report as speculation.