EIF4E-binding protein that regulates translation and stability of mRNAs in processing bodies (P-bodies). Plays a key role in P-bodies to coordinate the storage of translationally inactive mRNAs in the cytoplasm and prevent their degradation (PubMed:24335285, PubMed:32354837). Acts as a binding platform for multiple RNA-binding proteins: promotes deadenylation of mRNAs via its interaction with the CCR4-NOT complex, and blocks decapping via interaction with eIF4E (EIF4E and EIF4E2), thereby protecting deadenylated and repressed mRNAs from degradation. Component of a multiprotein complex that sequesters and represses translation of proneurogenic factors during neurogenesis. Promotes miRNA-mediated translational repression. Required for the formation of P-bodies.