Recognizes and binds the 7-methylguanosine-containing mRNA cap during an early step in the initiation (PubMed:15153109). Acts as a repressor of translation initiation (By similarity). 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 (PubMed:15153109). In P-bodies, component of a complex that promotes miRNA-mediated translational repression (By similarity). Interacts with EIF4EBP1, EIF4EBP2 and EIF4EBP3 (PubMed:15153109). Does not interact with eIF4G (EIF4G1, EIF4G2 or EIF4G3) (PubMed:15153109). Component of the 4EHP-GYF2 complex, at least composed of EIF4E2, GIGYF2 and ZNF598 (By similarity). Interacts with GIGYF2 (via the 4EHP-binding motif); the interaction is direct (By similarity). Interacts with EIF4ENIF1/4E-T (via YXXXXLphi motif); increasing affinity for the 7-methylguanosine-containing mRNA cap (By similarity). Widely expressed with highest levels in testis, kidney and liver. Ubiquitinated by ARIH1. The consequences of ubiquitination are however unclear: according to a report, EIF4E2 ubiquitination leads to promote EIF4E2 cap-binding and protein translation arrest. According to another report ubiquitination leads to its subsequent degradation. ISGylation enhances its cap structure-binding activity and translation-inhibition activity. Lethality; mice die just before birth. Belongs to the eukaryotic initiation factor 4E family.