MiCA: France, Binance's Last Resort in Europe

France is facing a binary choice: be the sole country to grant MiCA authorization to Binance, the world's largest crypto exchange (over 300 million users), or let it exit the European market.

According to our sources, discussions are underway between Binance and the AMF regarding a potential MiCA authorization application, but no formal application has been filed yet. The French regulator is said to be open to dialogue. The subsidiary Binance France SAS has held a DASP (Digital Asset Service Provider) registration since May 2022.

The AMF is not the only regulator approached. According to a source close to the matter, Binance has engaged in "proactive conversations" with several national authorities simultaneously. But the same source tempers expectations: "I don't expect another regulator to pick up a file and process it in such a short timeframe."

This French scenario became the only viable path after the information revealed on Tuesday, June 16 by Reuters, which The Big Whale can confirm: the Greek financial regulator (HCMC) is preparing to deny MiCA authorization to Binance.

For the company of Chinese origin, the scenario is brutal. The European regulation is built on a single-passport principle: one national license opens access to all 27 member states. Losing Greece means losing the entire continent, unless another anchor point can be found.

The initial plan, according to several corroborating sources, involved a two-tier structure: a primary authorization in Greece, followed by a complementary application to be filed subsequently in France, in order to distribute supervision of this operator with a heavy judicial track record, involved in several money laundering cases.

But this scenario is now obsolete.

According to our sources, Greece is now considered a closed chapter by the platform's executives.

"The French Treasury and financial intelligence agency TracFin are currently pushing for Binance to be managed from France," explains a well-placed source. "The central issue is maintaining visibility over Binance's financial flows. If the platform is no longer regulated in Europe, that visibility disappears."

A compelling argument in a context where the fight against money laundering and terrorist financing remains a stated priority of the EU.

But the behind-the-scenes story of the Greek refusal tells a very different tale from that of a simple regulatory failure.

Christine Lagarde's shadow over stablecoin access

According to our sources, the Binance file in Greece was technically finalized.

The HCMC had deemed the application complete and compliant, the regulator's anti-money laundering officer had maintained his favorable recommendation, and the forty-day assessment period stipulated by MiCA had ended on June 4 without any objection being raised at European level. Binance had also submitted its passporting notifications to the HCMC in anticipation of the vote.

The chair of the DFSC, the coordinating body within ESMA, had stated during a call on June 2 that this was the "last call" on the Binance file.

The reversal is believed to have occurred between June 7 and 15, under the effect of political pressure originating from the ECB. Christine Lagarde is said to have signaled to Greek Prime Minister Kyriakos Mitsotakis, during a meeting in May, that Binance was not welcome in Europe. The Greek Finance Minister (who also serves as Eurogroup president), despite being in favor of granting the license, reportedly failed to convince the Prime Minister to move forward.

The Greek electoral context (snap elections are reportedly being considered before year-end) is said to have further dissuaded Kyriakos Mitsotakis from antagonizing the ECB.

The ECB president's alleged motivation would primarily relate to stablecoins: as the world's largest exchange, Binance is also the main liquidity conduit for these assets in Europe, which would conflict with the digital euro project championed by Frankfurt.

"It's paradoxical, because Binance is an exchange, a distribution channel. It could very well support the digital euro project," argues another source, drawing a parallel with the Revolut case, recently barred from launching new products in the EU due to ECB concerns about its internal control mechanisms. "It's very similar. The concern is about the size of new entrants. Christine Lagarde would prefer traditional banks to handle the flow."

"This is political interference in a process that falls under the exclusive competence of an independent regulator," stresses a legal expert. "The ECB has no authority over MiCA licensing."

A company in full transformation

The paradox of the situation is that Binance now presents itself as an operator on a path to normalization, engaged in a deep transformation of its governance and compliance practices.

The turning point came in November 2023, when the company reached a $4.3 billion settlement with the U.S. Department of Justice. Its founder Changpeng Zhao resigned, pleaded guilty to anti-money laundering regulation violations and served four months in prison, before being pardoned by the White House in late 2025.

Richard Teng, former head of Abu Dhabi's financial regulatory authority, succeeded him. A board of directors was established for the first time in April 2024, and the company set up its official headquarters in Abu Dhabi in late 2025, ending years without a fixed official base.

Compliance data shared by the company shows a significant catch-up trajectory. Exposure to sanctions-related flows reportedly dropped by 96.8% between January 2024 and July 2025. The compliance workforce now represents approximately 25% of global employees (over 1,500 people). In 2025, the platform processed over 71,000 law enforcement requests and contributed to the seizure of $131 million in illicit funds. Binance holds licenses or registrations in more than 20 jurisdictions.

According to a source close to the matter, the HCMC spent one year reviewing Binance's compliance program and anti-money laundering framework, and answered more than 400 questions during the final six months of the review process. The Greek regulator's AML officer reportedly maintained his favorable recommendation throughout, despite the political reversal.

Lingering concerns remain, however. In May 2026, the Wall Street Journal revealed that an Iranian regime official had reportedly funneled $850 million through the platform over two years. And in early 2026, several U.S. media outlets reported that internal investigators had been fired after flagging suspicious flows, a claim Binance firmly disputes.

In France, a prosecution for aggravated money laundering is still ongoing.

What this means for European clients

On Tuesday evening, Binance sent an email to its European users, pledging to keep them informed by June 30. The message strikes a reassuring tone: client funds are safe, regardless of the regulatory outcome. Binance operates on a full-reserve model, and the company has an orderly wind-down plan ("run-off plan") in the event it loses access to the European market.

According to a source close to the matter, user protection is the platform's immediate priority. "They don't want users to be harmed. They're currently working with regulators to manage this transition," the source explains, while specifying that Binance and several European regulators are "jointly" seeking a solution to avoid a forced and disorderly migration of clients.

In practical terms, several options would be available to clients: free withdrawal of their assets, transfer to other MiCA-authorized platforms, or passive custody while the transition is managed.

Although the French option is a serious avenue, it is likely that Binance will not be able to operate at full capacity for its European users during the interim period.

Between the formal filing of an application with the AMF and the actual granting of a MiCA license, certain services could be restricted or suspended. Processing times, even on an accelerated basis, are measured in months.

Contacted through official channels, the AMF declined to comment on specific cases.

For the approximately 217 platforms already authorized under MiCA in Europe (including Coinbase, Kraken and Bitstamp), this period of uncertainty represents an unprecedented market window to capture part of Binance's volumes and client base on the continent.