Binance was preparing a big announcement in late May that would unlock the European market for the world’s largest crypto exchange. Its application for a Europe-wide license, made through the Greek financial regulator, was complete, Greek officials had told Binance. A company press release, headlining a “Major Milestone,” was ready to go. Binance CEO Richard Teng was planning to fly to Athens for a photo shoot with the prime minister, and his local deputy was about to sign an office lease. European Central Bank President Christine Lagarde had other ideas. Days later, a top official at the Greek regulator told…

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