Lagarde's Intervention Foils Binance's EU License Bid

Binance's bid for an EU license was reportedly met with pressure from European Central Bank President Christine Lagarde, according to a Wall Street Journal investigation.

Lagarde allegedly contacted Greek Prime Minister Kyriakos Mitsotakis and raised concerns about granting the world's largest crypto exchange a regulated base inside the European Union. The European Securities and Markets Authority (ESMA) also advised against allowing Binance's application to proceed.

Binance appeared to be close to securing authorization in late May, but ultimately withdrew its application in June without receiving a decision from Greece's market regulator.