Recognizes and binds the 7-methylguanosine-containing mRNA cap during an early step in the initiation. Acts as a repressor of translation initiation. In contrast to EIF4E, it is unable to bind eIF4G (EIF4G1, EIF4G2 or EIF4G3, suggesting that it acts by competing with EIF4E and block assembly of eIF4F at the cap (By similarity. In P-bodies, component of a complex that promotes miRNA-mediated translational repression.