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Crypto Giants Near EU-wide Licenses Amid Regulatory Tensions

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Two of the largest cryptocurrency firms are close to securing EU-wide licenses under the bloc’s new Markets in Crypto-Assets (MiCA) regulation, sources say, even as regulatory disagreements grow over how quickly and rigorously some member states are approving crypto companies.

MiCA, which came into force earlier this year, allows EU countries to issue licenses enabling crypto firms to operate across all 27 member states. However, concerns have emerged behind closed doors about the speed and standards of some approvals—particularly those from smaller regulators like Malta.

Gemini, the crypto trading platform founded by billionaire Winklevoss twins Tyler and Cameron, is reportedly on the brink of receiving a Maltese license. Malta has previously granted licenses to crypto firms such as OKX and Crypto.com shortly after MiCA’s introduction, drawing criticism from regulators in countries like France, where the financial regulator AMF warned of a potential “regulatory race to the bottom.”

Other EU regulators have voiced concern that smaller authorities with fewer staff, like Malta’s, may not have sufficient resources to rigorously enforce rules. The European Securities and Markets Authority (ESMA) is reviewing Malta’s licensing process and is expected to release a report soon.

The Malta Financial Services Authority defended its fast approvals, citing years of experience and strict anti-money laundering standards. OKX also described its licensing as “rigorous” and compliance-focused.

Meanwhile, Luxembourg is expected to grant a license to Coinbase, the first U.S. crypto company in the S&P 500, though the company’s European operation in Luxembourg is relatively small. Luxembourg’s financial regulator has declined comment, but insiders reject accusations of laxity, suggesting some criticism is driven by competition among member states to attract crypto businesses.

Coinbase’s pending approval represents a setback for Ireland, where skepticism toward crypto has grown, with the Irish Central Bank Governor calling it akin to a Ponzi scheme in 2023.

The global crypto market, currently valued around $3.3 trillion, has endured volatility including the 2022 collapse of major U.S. exchange FTX. The EU continues to struggle with regulatory divergence among member states, while discussions are ongoing about granting ESMA more direct authority over crypto oversight.

ESMA’s head, Verena Ross, has advocated publicly for enhanced powers, but some EU countries remain cautious.

Coinbase to Launch CFTC-Compliant Perpetual Futures Trading in U.S.

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Coinbase announced plans on Thursday to introduce perpetual futures trading in the United States, with the product designed to comply with regulatory standards set by the Commodity Futures Trading Commission (CFTC). The move represents a significant expansion of the crypto exchange’s derivatives offerings as the broader market anticipates lighter regulation and displays renewed investor risk appetite.

“We recently launched first-of-its-kind 24/7 futures trading, and I’m excited to share that we’ll soon be launching CFTC-compliant perpetual futures trading in the U.S. as well,” said Max Branzburg, Coinbase’s vice-president of product, speaking at the State of Crypto Summit in New York.

Perpetual futures are a form of crypto derivatives that allow traders to speculate on token prices without an expiry date. These contracts provide continuous trading access, often with high leverage, and have grown in popularity as fast-moving markets attract both institutional and retail traders seeking to hedge risk, amplify returns, or speculate on price movements without holding the underlying digital assets.

The expansion comes amid heightened competition among crypto exchanges racing to offer complex products that were once limited to sophisticated market participants. Coinbase’s decision to ensure compliance with CFTC regulations may also help position the exchange favorably with U.S. regulators, as the crypto industry continues to face scrutiny from multiple government agencies.

Gemini Files Confidentially for U.S. IPO as Crypto Markets Regain Strength

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Gemini, the cryptocurrency exchange founded by billionaire twins Tyler and Cameron Winklevoss, has confidentially filed for an initial public offering (IPO) in the United States, as digital asset firms capitalize on renewed strength in crypto markets. This move comes amid a surge of successful listings, particularly in high-risk sectors like crypto and fintech, signaling a revival of capital market activity.

The IPO wave reflects pent-up demand after years of regulatory uncertainty and market volatility. Earlier this week, stablecoin issuer Circle made a strong debut on the New York Stock Exchange, encouraging other crypto firms to consider public offerings. “Pre-IPO crypto companies would be crazy not to move ahead with listings after seeing how Circle traded,” said Matt Kennedy, senior strategist at Renaissance Capital.

Gemini has not yet disclosed the size or price range of its offering. The exchange currently offers trading and storage for over 70 cryptocurrencies and aims to join a growing list of crypto-native companies seeking mainstream investment. Kat Liu, vice president at IPOX, noted that Gemini’s filing adds to the sector’s momentum and reflects the growing readiness of digital asset firms to engage with public capital markets.

The timing for Gemini’s IPO coincides with a dramatic rise in the global cryptocurrency market, now valued at approximately $3.3 trillion, with Bitcoin trading above $100,000, according to CoinMarketCap. The recent approval of U.S. spot Bitcoin ETFs has drawn billions of dollars from institutional investors eager for crypto exposure.

Michael Ashley Schulman, CIO at Running Point Capital Advisors, said, “A successful listing would confirm that the crypto thaw is real.” He added that if the trend continues, the IPO calendar could rapidly fill up with fintech, AI, and other tech-related offerings.

This renewed optimism marks a stark turnaround for the crypto industry, which was rocked by the collapse of FTX in 2022 and years of global regulatory scrutiny. However, recent political developments have also helped boost sentiment, with U.S. presidential candidate Donald Trump declaring his support for the sector and pledging to be a “crypto president.”

In May, Coinbase made history by becoming the first U.S. crypto-focused company to join the S&P 500, solidifying crypto’s growing presence in traditional financial markets. Gemini’s IPO filing further underscores the sector’s accelerating financial maturity and its efforts to integrate more deeply into global capital markets.