EU Crypto License Battle: Coinbase and Gemini Breakthrough Trigger Regulatory Earthquake
Core Events
On June 16, 2025, Coinbase and Gemini are expected to obtain EU MiCA licenses from Luxembourg and Malta respectively, allowing them to operate in 27 countries. This move makes the two exchanges among the first crypto platforms to cover the entire EU with a single license, but it triggers fierce disputes among regulatory agencies in multiple countries.
Focus of Regulatory Divergence: The Game of Speed vs. Standards
Malta's 'Lightning Approval' Questioned
As the smallest member state of the EU, Malta has issued licenses to OKX and Crypto.com within weeks, with Gemini being the third company approved recently. The French Financial Markets Authority has publicly warned that this move could lead to a “race to the bottom” in regulation, and the European Securities and Markets Authority has initiated a review of Malta's approval process.
Luxembourg Criticized for 'Insufficient Regulatory Strength'
Coinbase chose to apply for a license in Luxembourg, but the country is questioned for its limited regulatory resources, yet it must bear compliance responsibilities for 27 countries. ESMA officials pointed out that if the standards among member states vary too greatly, the MiCA's goal of “unified regulation” will be rendered meaningless.
Corporate Strategy and Industry Impact
Coinbase's Compliance Ambition:
Although facing a lawsuit from the SEC in the U.S., obtaining a license in Luxembourg allows access to 270 million EU users, and its European workforce has expanded to 200 people, enhancing security investments to cope with scrutiny.
Gemini's Derivatives Bonus:
The Malta license allows it to offer regulated derivatives trading, with Gemini's options trading volume surging by 280% in a single day, directly capturing the incremental market in Europe.
Market Landscape Reconstruction:
The acceleration of compliance is concentrating funds towards licensed platforms. On-chain data shows that Coinbase’s BTC net outflow reached a monthly peak in the past week, with clear signs of institutional accumulation.
Future Projection: Division or Unity?
Short-term Risks:
EU member states may delay the effectiveness of licenses due to approval conflicts, with countries like France and Ireland calling for ESMA to expand its authority for unified enforcement.
Long-term Trends:
The issuance of licenses will catalyze speculation on “compliance concept coins” (such as OKB and CRO, which have risen over 40% in three days), but the leading stablecoin USDC is favored by institutions due to its reserve compliance.
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