Coinbase opens MiCA hub in Luxembourg as Binance fights for survival in the EU
On June 24, Coinbase officially launched a new European hub in Luxembourg, creating a full-fledged center to ensure compliance with the strict MiCA (Markets in Crypto-Assets) regulations. This move demonstrates the strategic advantage of the exchange, which prepared in advance for regulatory changes in the European Union. While Coinbase strengthens its position, its main competitor Binance continues to face serious difficulties in obtaining the necessary licenses.
Coinbase received its MiCA license from the Luxembourg Financial Sector Supervisory Commission back in June 2025 — more than a year before the rules came into effect. The exchange already had national licenses in six EU countries, including Germany and France, and its status as a public company on Nasdaq since 2021 provides regulators with access to audited reports spanning several years. Now, a single license covers more than 450 million residents of the European Union, and Coinbase Luxembourg S.A. has already been registered with ESMA (European Securities and Markets Authority).
Binance under pressure: loss of license in Greece
The situation is quite different for Binance. This week, the exchange confirmed that it failed to obtain a MiCA license in Greece and is not included in the ESMA register. Regulators have long been closely monitoring the company — in 2023, Binance pleaded guilty in the U.S. to charges of money laundering and sanctions violations, paying a fine of over $4.3 billion. This is one of the largest fines in U.S. business history, after which founder Changpeng Zhao stepped down as CEO.
Currently, Binance plans to apply for approval in another EU country. The company claims it meets MiCA requirements and has a staff of approximately 1,500 compliance employees. However, only a few days remain before the final regulatory deadline, and more than 230 crypto businesses have already successfully completed their checks.
Analytical commentary: Coinbase's preemptive actions are not just a tactical move but a strategic maneuver that allows the exchange to take a dominant position in the regulated EU market. Binance, despite loud statements about its intention to stay in Europe, risks losing access to one of the most promising markets due to reputational and regulatory issues. For users, this means that after July 1, the choice of legal crypto exchanges in Europe may significantly narrow, and Coinbase is likely to become the main beneficiary of this process.