⛔️ EU 🇪🇺: Binance was blocked from entering the European market following the ECB president's intervention

⛔️ EU 🇪🇺: Binance was blocked from entering the European market following the ECB president's intervention

Christine Lagarde asked the prime minister of Greece🇬🇷 not to grant Binance authorization to operate in the EU.

Why❓

1️⃣ Lagarde was concerned that the digital euro (CBDC), issued by the ECB, would not be able to compete with the dollar-denominated stablecoins distributed by Binance.

2️⃣ In the United States🇺🇸, Binance pleaded guilty to money laundering and sanctions violations.

😀 The door to Europe closed on the world's largest cryptocurrency exchange just before it could enter the market: Greece's Hellenic Capital Market Commission (HCMC) was prepared to grant it a license to operate from July 1. In early June, Greek authorities informed the European Securities and Markets Authority, but ESMA subsequently strongly recommended rejecting Binance's applications, citing compliance violations.

😀 In addition to Greece, Binance sought authorization in Latvia🇱🇻, Ireland🇮🇪 and France🇫🇷, but was rejected in all three countries. From July 1, following the entry into force of MiCA, the cryptocurrency exchange is not legally permitted to operate in the EU without a license.

✏️ Context: following the setback in the European market, Binance is actively expanding in Asia. In early September, the exchange signed three framework cooperation agreements with government bodies in Kazakhstan🇰🇿, which is itself seeking to become an Asian payments hub and a leader in fintech innovation. Meanwhile, U.S. authorities continue to accuse Binance of money laundering related to the sale of Iranian oil, and the investigation into the schemes relied on data from the exchange's own compliance system.

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