Coinbase Opens Luxembourg Office as EU Hub; Binance Withdraws Greek License Bid
Coinbase opened its Luxembourg office on June 24, designating the country as its European Union hub under the Markets in Crypto-Assets (MiCA) framework. The move comes as the July 1 deadline looms for crypto exchanges to secure MiCA licenses to continue serving EU customers. Coinbase obtained its MiCA license from Luxembourg’s financial regulator in June 2025, over a year ahead of the deadline, and already holds licenses in six EU countries including Germany and France. Its public listing on Nasdaq since 2021 provides a track record of audited disclosures. The single MiCA license covers over 450 million people across the EU. In contrast, Binance confirmed this week that its Greek license bid collapsed, leaving it absent from ESMA's register of approved firms. Binance faced regulatory scrutiny after pleading guilty in 2023 to U.S. money-laundering and sanctions violations, paying over $4.3 billion in penalties. The exchange now plans to seek approval in another EU member state, emphasizing its compliance staff of 1,500. With days left before the deadline, over 230 firms have cleared MiCA, while Binance's return depends on convincing another regulator of its compliance.
Key facts
- Coinbase opened Luxembourg office as EU hub under MiCA framework on June 24.
- Coinbase obtained MiCA license from Luxembourg regulator in June 2025, ahead of deadline.
- Binance withdrew Greek license bid, not on ESMA's MiCA register.
- Binance paid $4.3B in penalties after 2023 US guilty plea for money laundering.
- Over 230 firms have MiCA approval; Binance seeks approval in another EU state.