It's very simple. Check this document and you won't find Xapo on it BUT you will find Coinbase
http://banking.delaware.gov/pdfs/alllicensees.pdfAlso, the law requires any licensed company to publish this information on their website and office. Xapo doesn't have any such information. A financial licensed won't hide this thing but on the contrary, it will be VERY visible because it brings trust .
Now that is a good point, see? Like i'm from italy and if soemone here would say "hey Hamu can you check if this italian company got their license for financial trade?" i would do the same community service like you just did for xapo! +1 to you mayax and thank you for bringing this up.
Let's see what xapo will answer now...