Coinbase opened an office in Luxembourg on June 24, officially designating Luxembourg as its EU hub under the MiCA framework; Coinbase Luxembourg SA has been added to the European Securities and Markets Authority (ESMA) certification list. This MiCA license allows Coinbase to "passport" across all 27 EU member states, covering approximately 450 million people in the European Economic Area.
Authorization Details of Coinbase Luxembourg SA and Luxembourg's Strategic Positioning
The CSSF MiCA license for Coinbase Luxembourg SA took effect on June 20, 2025, with authorization number N00000004, making Coinbase one of the first companies to receive a MiCA authorization in Luxembourg and the first U.S. company to obtain it. Coinbase initially chose Ireland as its European MiCA hub in 2023 but later moved its continental European headquarters to Luxembourg, citing Luxembourg's clear and innovation-friendly regulatory environment.
Prior to this, Coinbase had obtained national licenses in six EU member states (Germany, France, Italy, Netherlands, Spain, Ireland); the unified MiCA license significantly consolidates its previously fragmented business footprint. Regarding its Luxembourg plans, Coinbase intends to hire 22 additional employees in Luxembourg by the end of 2025, and existing EU users will be migrated to the Luxembourg entity during the transition period in 2025, with full operations expected by mid-2026.
Background of Binance's Failed Greek License: $4.3 Billion Fine, Zhao Changpeng's Guilty Plea, and Next Steps
Binance confirmed this week that its Greek license application failed and has been removed from the ESMA list. In the background, Binance pleaded guilty in the U.S. in 2023 to money laundering and sanctions violations, paying over $4.3 billion in fines (one of the largest corporate fines in U.S. history), and founder Zhao Changpeng pleaded guilty and resigned as CEO. This regulatory record was evaluated during the review.
Binance stated that it plans to seek approval in another EU member state, claiming it meets MiCA standards and has approximately 1,500 compliance personnel. Jillian Lynch, Binance's Head of Europe and the UK, told Reuters: "Binance is not leaving Europe."
MiCA EU Competitive Landscape: Over 230 Entities Approved, Gate Exchange Listed
As of a few days before the July 1 deadline, more than 230 companies have obtained MiCA certification and can continue to serve EU users. Major exchanges that have received MiCA licenses include Gate, Coinbase, Kraken, Bybit, OKX, BitGo, and eToro; Gemini is still awaiting approval.
MiCA is the EU's first comprehensive regulatory framework for crypto assets, unifying the previously fragmented regulatory rules of the 27 member states, covering stablecoin issuance, exchange license issuance, and consumer protection requirements. After July 1, crypto companies without MiCA authorization providing services to EU clients will violate EU law.
Frequently Asked Questions
Why did Coinbase move from Ireland to Luxembourg as its MiCA EU headquarters?
According to reports, Coinbase initially chose Ireland as its European MiCA hub in 2023 but later moved its continental European headquarters to Luxembourg, citing Luxembourg's clear and innovation-friendly regulatory environment. The article does not detail the specific reasons for the change in cooperation between the two locations.
What options does Binance have after its Greek application failed?
According to reports, Binance said it plans to seek approval in another EU member state, claiming it meets MiCA standards and has approximately 1,500 compliance personnel; Binance's European head stated that "Binance is not leaving Europe." However, which member state Binance will choose and whether it can complete the application before the July 1 deadline have not yet been disclosed.
What services does Coinbase Luxembourg's MiCA license cover?
According to the article, the MiCA CASP authorization allows Coinbase to provide crypto asset services in all 27 EU member states, covering approximately 450 million people through the EEA passport framework. The specific types of services depend on the service authorization scope listed in the license (such as trading, custody, transfers, etc.), and the article does not detail them item by item.
