Victor Ugochukwu · Dec 14, 2020 . 5min read
Winklevosses Gemini Executes Global Expansion Plans with U.K. Launch
Crypto exchange Gemini has received FCA approval regarding the company's expansion in U.K. with a license as an Electronic Money Institution.
By Komal Joshi · Sep 24, 2020 . 6min read
Bitcoin has been extremely volatile since its 2009 debut, with few institutional investors viewing it as a viable long-term bet. Crypto exchange and custodian Gemini has expanded in the U.K. as part of its global expansion plans. Gemini expands in the U.K. after it triumphantly obtained approval from the Financial Conduct Authority (FCA) as a regulated entity. It is the second crypto exchange to receive approval from U.K.’s FCA. Gemini’s U.K. launch comes after the exchange secured an Electronic Money Institution (EMI) license from the FCA (Financial Conduct Authority). Along with the EMI License, Gemini has also been approved as part of the FCA’s Fifth Money Laundering Directive (MLD) crypto-asset registration process.
Gemini to Sheild Against Fraud and Money Laundering
Gemini provides tools that enable users to trade and invest in crypto assets. U.K. customers can now make GBP deposits to finance their Gemini account through Faster Payments, CHAPS, and SWIFT wire transfers. The company said that Gemini will be secure and offer protection against fraud and money laundering. As Gemini expands in the U.K., it will provide its secure platform to U.K. institutional investors in their local currency. This enables them to access crypto trading, market data, and custody services on behalf of their clients.
FCA Implements Crypto Regulatory Measures
While Gemini expands in the U.K., it will have to compete against a group of players, some of them regulated by the Financial Conduct Authority. European countries are implementing crypto regulations based on FATF guidelines. Consequently, the European countries are carrying out the European Union’s fifth AML Directive. Additionally, the new crypto regulations require crypto businesses to comply with regulators. In August, the U.K. regulator also approved Archax, an exchange due to launch in the fourth quarter. The agency said that all crypto exchanges operating in the country have to register by Jan. 10, 2021.
Tyler and Cameron Winklevoss founded the New York-based firm. They became popular after suing Facebook’s Mark Zuckerberg for stealing the idea for a social networking website. Then they passed on to become entrepreneurs in the digital-asset industry. Gemini enables consumers to purchase, trade, store bitcoin, ether, and other cryptocurrencies. Gemini is a New York trust company.
Additionally, it directs to the capital reserve requirements, cybersecurity requirements, and banking compliance standards. The New York State Department of Financial Services and the New York Banking Law lay down these standards. However, globally, it is the world’s 67th-largest crypto spot exchange.
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