Lagarde Blocks Binance's EU Expansion Plans Over Compliance Fears

European Central Bank President Christine Lagarde personally intervened in Binance's attempt to secure a pan-European license, asking Greek Prime Minister Kyriakos Mitsotakis not to approve the exchange's application. This is according to sources cited by the Wall Street Journal.

Binance filed an application for authorization under the European MiCA regulation via the Hellenic Capital Market Commission (HCMC) in Greece but withdrew it in June ahead of an official decision. The company had planned a photo shoot in Athens featuring CEO Richard Teng and the Greek prime minister, as well as opening a local office.

Lagarde opposed approving Binance's application due to its compliance track record, specifically pointing to the company's guilty plea in 2023 to violating anti-money laundering and sanctions laws in the US. Binance agreed to pay $4.3 billion in fines.