Lagarde Blocks Binance's European Expansion Plans

Binance's plans to establish a foothold in Europe were foiled by European Central Bank President Christine Lagarde, who personally intervened to block its license application.

The Greek financial regulator had told Binance that its application was complete and it could proceed with the necessary steps. However, days later, a top official at the Greek regulator informed Binance that Lagarde had asked Prime Minister Kyriakos Mitsotakis not to approve the license.

Lagarde's move effectively killed Binance's plans to obtain an EU-wide license before a July deadline set by the EU's new crypto rules. The exchange failed to meet this deadline and was forced to stop promoting services to Europe's 450 million residents.