According to a report by The Wall Street Journal, European Central Bank President Christine Lagarde prevented Binance from establishing operations within the European Union. The exchange was reportedly close to securing a foothold in the trading bloc before the intervention occurred.
EU regulations mandate that Crypto-Asset Service Providers obtain a MiCA license. Binance currently lacks this authorization and withdrew its application in Greece in June. The company stated that it continues to seek MiCA approval in another EU member state.
The report suggests that Lagarde sought to exclude Binance due to concerns regarding the dominance of dollar-based stablecoins in Europe. She reportedly preferred to prioritize the development of the digital euro to ensure financial autonomy.
Binance previously pleaded guilty to financial crime violations in the United States in 2023, resulting in a fine of $4,3 billion. Lagarde has historically expressed skepticism toward private cryptocurrencies while advocating for central bank digital currencies.
