Webull's new EU crypto licence is Dutch-only — and it isn't for trading

Webull Securities (Europe) B.V., the Amsterdam arm branded Webull EU, announced on 13 July that it has received MiCA authorisation from the Dutch regulator AFM. Nearly every write-up — including Webull's own headline — framed that as crypto in the European Union. The body of the same release doesn't: "Initial approval has been given for the Netherlands, with passporting approval pending for the rest of the EU." Passporting is the mechanism that stretches one country's licence across the other 26; until it's granted, this covers the Netherlands and nowhere else. And the scope is custody (holding your crypto and being responsible for it) plus order routing (taking your instruction and passing it on) — the actual buying and selling is outsourced to Coinbase Luxembourg, which already sits on our list of MiCA-licensed exchanges. Webull isn't becoming an EU exchange; it's becoming a Dutch custodian with a Coinbase pipe. Nothing goes live before "late 2026" — a company plan, not a regulatory date.