Lagarde Blocks Binance EU Entry Over Money Laundering Concerns

The European Central Bank's President, Christine Lagarde, reportedly blocked Binance from entering the EU market. According to a Wall Street Journal report, Binance was on the verge of operating in the trading bloc but was stopped after Lagarde intervened.

Lagarde has been critical of cryptocurrencies and has expressed concerns about their potential for money laundering. In 2021, she described Bitcoin as 'a highly speculative asset' used for illicit activities.

Binance pleaded guilty to financial crime violations in the US and paid a record $4.3 billion fine. Lagarde's decision is seen as an effort to prevent Binance from dominating the EU market with dollar-based stablecoins, which she fears could undermine the euro.