Lagarde Blocks Binance's EU Entry Amid Compliance Concerns
According to sources close to the matter, European Central Bank President Christine Lagarde personally opposed Binance's entry into the EU market. The exchange had applied for a MiCA license through Greece's Hellenic Capital Market Commission (HCMC) but withdrew its application in June.
Lagarde reportedly asked Greek Prime Minister Kyriakos Mitsotakis not to approve Binance's application due to concerns over the company's compliance track record. In 2023, Binance and its founder Changpeng Zhao pleaded guilty to violations of anti-money laundering and sanctions laws in the US and agreed to pay $4.3 billion in fines.
Lagarde was also concerned about the potential strengthening of dollar-denominated stablecoins in Europe, which she believes could accelerate their spread instead of supporting the development of euro-focused digital payment instruments.