European Central Bank President Christine Lagarde Blocks Binance from Operating in EU

A recent report by the Wall Street Journal revealed that European Central Bank President Christine Lagarde intervened to prevent Binance, the leading cryptocurrency exchange, from operating within the European Union.

According to the article, Binance was on the verge of establishing a foothold in the EU but was ultimately denied the opportunity after Lagarde’s intervention. This decision was based on EU regulations that mandate local Crypto-Asset Service Providers (CASP) to possess a MiCA license, which Binance did not have. In June, Binance withdrew its MiCA application in Greece, signaling its compliance issues.

The report stated that Lagarde’s primary motivation was to keep Binance out of the European Union, especially given the exchange’s previous involvement in financial-crime violations in the United States. Lagarde has been a vocal critic of cryptocurrencies, particularly Bitcoin, which she has described as a “highly speculative asset” used for illicit activities like money laundering.

While Lagarde opposes cryptocurrencies, she has expressed support for central bank digital currencies (CBDCs). She views CBDCs as a potential tool for enhancing financial autonomy in Europe and has been actively promoting the development of a digital euro within the EU.

Critics of CBDCs, including some within the crypto industry, have raised concerns about potential surveillance implications. Former U.S. President Donald Trump even issued an executive order banning CBDCs during his tenure in office.

The WSJ report highlighted Lagarde’s concerns about Binance’s potential impact on the European market, particularly its role in promoting dollar-based stablecoins over euro equivalents. Binance, known for its massive trading volumes in stablecoins, faced significant scrutiny after its involvement in anti-money-laundering violations and a substantial fine.

Despite these challenges, Binance remains determined to secure MiCA authorization in another EU Member State. The company’s CEO, Chanpeng Zhao, has reiterated its commitment to regulatory compliance and future operations within the EU.

]]> https://bitcoinplatform.com/european-central-bank-president-blocked-binances-eu-entry/feed/ 0 https://bitcoinplatform.com/us-senate-blocked-clarity-act-to-protect-bank-profits/ https://bitcoinplatform.com/us-senate-blocked-clarity-act-to-protect-bank-profits/#respond Fri, 18 Sep 2026 18:26:49 +0000 https://bitcoinplatform.com/us-senate-blocked-clarity-act-to-protect-bank-profits/ Former Ripple CTO and chief architect of the XRP Ledger, David Schwartz, has recently made a connection between the failure of the CLARITY Act and lobbying efforts from the traditional financial sector. The CLARITY Act, a key crypto bill, failed to secure the necessary votes in the U.S. Senate, with 49 in favor and 50 against. Schwartz believes that American politicians are using public concern as a cover to protect the dominance of commercial banks.

Schwartz’s comments were prompted by a speech from Republican Senator Josh Hawley, who voted against the bill citing concerns about the impact on the regional economy. Hawley expressed fears that legalizing yield-bearing stablecoins could lead to a mass outflow of deposits from small Missouri banks, affecting local farmers’ access to capital for loans. Schwartz criticized Hawley’s stance, stating that the real motivation behind the opposition to the bill is to protect bank profits.

In Schwartz’s opinion, if banks were to lose their ability to make loans, it would create an opportunity for a new digital ecosystem of investors willing to lend directly to the real economy on market terms. Despite this, Senators Tillis, Moran, and Collins voted against their party’s stance, aligning themselves with the banking lobby and the American Bankers Association.

Meanwhile, regulatory hurdles have also impacted Ripple investment products, including the delayed launch of Teucrium’s 2x Short Daily XRP ETF. The SEC has postponed approval of the ETF, which is designed to profit from a decrease in XRP’s price, for the 19th time until October 11. This delay has highlighted Washington’s conservative stance on cryptocurrency regulation.

Despite the regulatory challenges, Teucrium’s 2x Long Daily XRP ETF, a bullish fund, has been operating successfully with $151 million under management. Schwartz reacted to the delay with humor, expressing his anticipation of opening a short position once the bureaucratic processes are completed.

As the regulatory landscape in the U.S. remains uncertain, XRP’s price has experienced a moderate decline, correcting towards $1.29. The market continues to navigate the challenges posed by regulatory uncertainty and lobbying efforts from the traditional financial sector.