Lagarde Blocks Binance's EU Licence Bid Over Regulatory Concerns

European Central Bank President Christine Lagarde intervened to block Binance's bid for a Europe-wide cryptocurrency licence through Greece, according to The Wall Street Journal.

The WSJ reported that Lagarde had concerns about Binance's regulatory and compliance record, as well as the potential impact of dollar-based stablecoins on the European Union's plans for a digital euro.

Binance pleaded guilty in 2023 to anti-money laundering and sanctions violations and agreed to pay $4.3 billion in penalties. The exchange has continued to pursue regulatory approval in various jurisdictions.

The Greek regulator disputed suggestions that the government influenced its assessment, stating that it was done independently and exclusively against applicable EU and Greek requirements.