Not every stamp counts as one
Every exchange shows off its licences. But a licence is an exam, and not every exam is equally hard. Four genuinely mean something: Dubai, Europe, Japan and America — and each says something different.
The fastest way to read an exchange: don't look at what it has, look at what it does not have. Whoever collects stamps everywhere except where it is hard is telling you exactly where they stand.
Below, the ladder — from entry gate to final exam — with who is in and who is out, per country.
Dubai: the entry gate
The VARA licence is seriously built: a dedicated regulator, a public register, rules per activity. But the door is wide open — the register counts about fifty licensed firms, and nearly every big name is in: Binance, OKX, Crypto.com and Deribit all hold full licences.
That is also its limit. A stamp almost everyone gets distinguishes almost no one. VARA tells you an exchange wants to be vísible to a supervisor — a sound principle — not that it can pass the hardest exam. Retail may trade with at most 5x leverage; at Binance, derivatives there are for professionals only.
Europe: the two-stage exam
Europe tests in layers. MiCA for spot trading — thirteen big names passed, the timeline is here. MiFID II for derivatives and stocks — the harder exam, who holds it is here. And whoever moves your money also needs PSD2.
The two layers make the difference visible: Binance never passed layer one and left the entire EEA on 1 July 2026. Bybit lacks layer two — its MiFID II application is still pending with Austria's FMA. Both layers together? Only six have that: Backpack, Kraken, Coinbase, Bitstamp, OKX and Crypto.com.
Japan: the highest bar
Japan is the country exchanges leave. Kraken left twice, Coinbase pulled out in 2023. Not because the market is small — but because nowhere are the demands higher: at least 95% of all client crypto in cold storage by law, client cash held in trust at a bank, every coin screened before listing, and 2x maximum leverage for retail.
The register counts 26 names, nearly all Japanese. Even Binance only got in by búying a Japanese licence holder. And Bybit? Four public warnings from the regulator. Whoever passes Japan can handle anything — which is why this stamp weighs heaviest.
America: the toughest judge
America has no central crypto licence — it has fifty states, New York's BitLicense and the hardest enforcers in the world. The question there is not “do you have a stamp” but “do you dare to stand here”.
Who stands there: Coinbase (publicly listed, with CFTC-regulated derivatives), Kraken and Gemini. Who does not: Binance pleaded guilty in 2023 and paid $4.3 billion — the largest settlement in crypto history — and must stay out of the US market; Bybit blocks Americans entirely. Since July 2025 the GENIUS Act is the first federal crypto law, for now covering stablecoins only.
The stamps that say little
Then there is a second division. Kazakhstan (AIFC): a real register, but whoever is out everywhere else is in here — Binance ánd Bybit got full licences within a month of each other. Bermuda: the offshore home where Coinbase runs its international perps — legitimate, but a light test. The Bahamas: the regime FTX sat under; the rules were rewritten in 2024, and big names have been scarce there since.
The rule: the easier the stamp, the less it proves. These three are not red flags — but when they are the ónly stamps, that is the story.
And Singapore?
The odd one out: strict ánd shut. The MAS MPI licence is genuinely heavy — Coinbase, Crypto.com and OKX earned it — but retail is allowed almost nothing: no leverage, no credit, not even a welcome bonus. And since 30 June 2025: whoever keeps an office there serving only foreign clients must be licensed or leave — the rule that pushed Bybit and Bitget out of Singapore.
So Singapore says a lot about an exchange — but opens few doors for you as a trader. Strict, but mostly closed.
The ladder in one table
| Licence | What it covers | How heavy | The story in one line |
|---|---|---|---|
| Japan (JFSA) | Spot + derivatives (FIEA) | Heaviest | 26 names; 95% cold storage; even Binance had to buy a Japanese firm |
| EU: MiFID II | Derivatives and stocks | Heavy | The real exam; six names combine it with MiCA |
| US | State by state + BitLicense | Heavy (enforcement) | Not a stamp but a judge; Binance paid $4.3bn there |
| Singapore (MAS) | Payment and crypto services | Heavy, retail shut | A strict exam, but the room is nearly empty |
| EU: MiCA | Spot trading | Solid | Thirteen big names in eighteen months; mandatory since 1 July 2026 |
| Dubai (VARA) | All crypto activities | Accessible | A serious register, but nearly everyone is in |
| Kazakhstan / Bermuda / Bahamas | Various | Light | Real registers that prove little |
As of 31 July 2026. Sources: the VARA register ↗, the JFSA list ↗, the DOJ Binance resolution ↗ and the MAS retail rules ↗, plus the EU registers from our own pages.
Frequently asked questions
Which licence says the most?
Japan, then Europe's MiFID II layer. Both enforce heavy requirements before you may open — and you can see it in how short the lists are: 26 names in Japan, a handful of real derivatives licences in the EU.
Is a Dubai licence worthless, then?
No — VARA is a serious register with real rules. It just proves less distinction: nearly every big name is in. Think of it as the entry gate, not the final exam.
Where does Binance stand worldwide?
In: Dubai, Kazakhstan and (via an acquisition) Japan. Out: Europe — never passed MiCA, left the EEA on 1 July 2026 — and out of America after the $4.3 billion guilty-plea settlement of 2023.
Why is Singapore so unusual?
Because the licence is heavy and the market is shut: retail gets no leverage, no credit and no bonuses. A MAS licence proves quality, but opens few doors for ordinary traders.