Lagarde Blocks Binance EU Licence Over Crypto Concerns

The European Central Bank's (ECB) president, Christine Lagarde, played a key role in blocking Binance from obtaining an EU crypto licence.

Lagarde is known for her distrust of cryptocurrencies and has expressed concerns about their potential impact on the EU's monetary sovereignty. Her son had lost money investing in crypto against her advice, she revealed at a town hall meeting in Frankfurt in 2023.

The Bank of Greece, which had been considering Binance's application, sought Lagarde's help after becoming aware of the exchange's history of scandal and concerns about its methods. The bank needed someone with international respect to explain that welcoming Binance would be a bad idea for a country like Greece.

Lagarde's involvement succeeded in keeping Binance out of the EU for now, but the exchange continues to serve millions of European customers, highlighting gaps in the still-incomplete EU regulatory framework. Despite this setback, Binance has not ruled out seeking a licence in another EU country.