New York-based exchange Gemini announced today that it is fully expanding into the UK. Individuals and institutions in the UK can now use its cryptocurrency exchange and custody services in pounds sterling (GBP).
Gemini exchange continues to expand and launches in UK
Gemini expands its influence
Gemini’s arrival in the UK follows the granting of an Electronic Money Institution (EMI) license by the Financial Conduct Authority (FCA).
Gemini is also one of the first companies that the UK’s financial policeman approves as part of its cryptocurrency registration process under the EU’s 5th Anti-Money Laundering Directive (AMLD5).
As of today, Britons can buy cryptocurrency with sterling directly from Gemini . The license obtained by Bitcoin Trader allows it to accept payments by credit card and wire transfer.
In addition, all services other than trading are also open to the territory, including the custody of clients‘ crypto-assets in Gemini cold wallets .
“The launch of our full services available in GBP [pound sterling] in the UK is another exciting step in Gemini’s international expansion, advancing our mission of empowering individuals and organizations around the world through the cryptocurrency, ”said Tyler Winklevoss, CEO of Gemini.
According to the official statement , Tyler Winklevoss said he was particularly proud that Gemini could help bring cryptocurrency to the UK . It designates the UK as a global center of financial innovation with a strict and progressive regulatory regime.
A future deployment throughout Europe to come?
Since its creation, Gemini has met the very strict standards put in place in the United States, particularly in terms of security and regulatory compliance. It is notably one of the few exchanges to be authorized to operate in New York State thanks to its obtaining of BitLicense .
Its arrival in the United Kingdom is therefore not surprising, especially since Gemini had planned for almost a year to take its first steps in Europe .
Can we expect Gemini to open up to France? It is very probable. The platform is increasingly strengthening its compliance with local regulations, and has earned a good reputation in the United States.
However, Gemini is struggling to stand out from the competition at the moment, with its platform’s trading volumes remaining quite low against people like Kraken , Binance or Coinbase .
Unlike the majority of its competitors, Gemini does not over-list new cryptocurrencies on its platform, but really focuses on integrating solid projects that meet regulatory standards.
Little by little, Gemini could therefore be able to establish itself as a leader in its sector thanks to numerous innovations. Last July, for example, Gemini was integrated into the Brave crypto-browser , from which users can directly buy cryptocurrencies.
Another notable integration of Gemini, that of the Samsung Blockchain Wallet , creating a direct connection between smartphones and the platform’s cryptocurrency custody solutions.