- Cryptocurrency exchange Gemini expands into the UK.
- Gemini will offer protection against fraud and money laundering.
- UK based crypto exchanges have to register by January 10, 2021.
Digital asset exchange Gemini expands into the UK after being granted an electronic currency license from the Financial Conduct Authority (FCA), according to a Bloomberg report.
Gemini Trust Company, a US-based cryptocurrency trading platform founded in 2014. The exchange creators Tyler and Cameron Winklevoss, become entrepreneurs in the crypto industry after Mark Zuckerberg took their idea of a social networking website to start Facebook.
The European branch of the said exchange was registered on the Financial Conduct Authority under its new regulation on August 19.
Gemini expands into UK
Gemini will now allow UK consumers to buy products with Bitcoin using regular debit cards as a funding source. Investors in cryptocurrency will similarly be able to fund crypto wallets through bank payments such as CHAPS, without having to pay foreign exchange fees.
According to Coingecko, the exchange is currently ranked as the 67th largest crypto spot exchange globally with a 24-hour trading volume of $34.5 million, at the time of writing.
Tyler Winklevoss said in an interview that” London is one of the birthplaces of modern finance” and also added that trust and regulation are central to the operation of crypto exchanges like Gemini for users.
The firm mentioned in a statement that Gemini will be secure and offer guard against fraud and currency laundering with new regulations in place. Few institutional investors see Bitcoin as a viable long-term bet. Tyler Winklevoss in a tweet mentioned that Bitcoin beats gold at its own game.
— Tyler Winklevoss (@tylerwinklevoss) September 21, 2020
UK-based exchanges to register by January 10, 2021
Gemini will have to compete against a slew of players in Europe, some of them also regulated by the FCA. Earlier, the UK regulator also approved Archax, an exchange that is due to launch in the fourth quarter.
The FCA mentioned that all cryptocurrency exchanges operating in the country have to register by January 10, 2021. As of now, Gemini is in a select club of registered firms. Gemini is also in the licensing process in Singapore, the firm revealed.