Christine Lagarde, President of the European Central Bank, prevented Binance from operating in the European Union, according to the Wall Street Journal. The world’s largest cryptocurrency exchange, which pleaded guilty to anti-money-laundering violations in the US and paid a record $4.3 billion fine in 2023, was on the verge of being authorized to operate in the EU. EU law now requires Crypto-Asset Service Providers to hold a MiCA license, which Binance does not possess. Binance withdrew its MiCA application in Greece in June. Lagarde was also concerned that Binance would strengthen the dominance of dollar-based stablecoins rather than encourage euro-denominated alternatives in Europe.
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