ECB President Lagarde Reportedly Blocked Binance’s EU Entry

Blocked Binance's EU Entry — European Central Bank President Christine Lagarde personally intervened to prevent Binance from operating within the European Union, according to a Wall Street Journal report.

The report, citing interviews with officials, states that the world’s largest crypto exchange was on the verge of entering the EU market when Lagarde moved to block it. The ECB President was reportedly motivated by a desire to keep the “controversial” exchange out of the bloc, following its 2023 guilty plea to U.S. anti-money-laundering violations and a $4.3 billion settlement.

Lagarde’s reported intervention aligns with her long-standing skepticism of cryptocurrencies like Bitcoin, which she has labeled a speculative asset, and her advocacy for central bank digital currencies (CBDCs). The report also suggests she was concerned Binance would entrench the dominance of dollar-pegged stablecoins in Europe, undermining the potential for a digital euro.

Under the EU’s Markets in Crypto-Assets (MiCA) regulation, crypto service providers must be licensed. Binance withdrew its MiCA application in Greece in June but stated it is pursuing authorization in another EU member state.