Lagarde Blocks Binance from EU Amid Digital Euro Push

The European Central Bank (ECB) chief, Christine Lagarde, allegedly blocked Binance, the world's largest cryptocurrency exchange, from operating in the European Union. According to a report by The Wall Street Journal, Lagarde wanted to prevent Binance from gaining a foothold in the trading bloc due to its record of financial-crime violations in the US.

Lagarde's stance on Bitcoin is not new; she has described it as 'a highly speculative asset' used for money laundering. The ECB is pushing quickly toward a digital euro, which Lagarde sees as key to Europe's financial autonomy. In contrast, privately issued stablecoins are under scrutiny, with some arguing they could be turned into surveillance tools.

The report notes that Binance pleaded guilty to anti-money-laundering violations in 2023 and paid a record $4.3 billion fine. This gave regulators a ready-made justification for blocking the exchange's license application.