Popular crypto exchange Gemini has launched in the United Kingdom after it successfully secured approval from the Financial Conduct Authority (FCA) as a regulated entity.
With said approval, Gemini will be able to provide UK users with an easy, reliable, and secure digital currency platform. UK customers can now enjoy custody services in British pounds sterling (GBP).
The exchange, owned by the Winklevoss twins, noted that it was able to launch after obtaining an Electronic Money Institution (EMI) license from the FCA.
Notably, with the new license, Gemini becomes one of the inaugural firms to obtain the FCA approval as part of its Fifth Money Laundering Directive (5MLD) crypto-asset registration process.
Gemini pursuit for global expansion
According to the crypto exchange and custodian, the new addition is another step in its global expansion mission. Gemini users in the UK can now easily deposit British pounds via debit cards or bank transfers to buy crypto assets via its platform.
Gemini users in the UK can make GBP deposits from their bank into their wallet through CHAPS, Faster Payments, and SWIFT wire transfers.
Blair Halliday, Gemini chief compliance officer for Europe, noted that regulatory compliance is important and works to benefit customers of the platform. He said, “Rigorous compliance is central to building a sustainable future for crypto and for our growth as a company. It ensures customers’ funds and data are adequately protected and that users can trust in the safety, stability and reliability of the product.”
Gemini CEO Tyler Winklevoss expressed his excitement with the unveiling of the exchange in the UK. He added, “Going live with our full services available in GBP in the UK is another exciting step forward in Gemini’s international development. Furthering our purpose to enable individuals and institutions throughout the globe through digital currencies.”
Gemini working in Canada
Notably, the New York-headquartered exchange has also been expanding to other parts of the globe. Gemini is powering a new platform known as Wealthsimple Crypto, which is the first first fully regulated crypto exchange in Canada.
Going live on September 22, Wealthsimple Crypto enables users in all 13 Canadian provinces and territories to trade cryptocurrency.
Wealthsimple Crypto will not hold any cryptocurrency itself, as Gemini will be providing custody services for its users’ assets. This collaboration with Gemini was one of the factors that led to its recent approval obtained in Canada.
Additionally, for more information on the New York-headquartered crypto exchange and its mission on global expansion, check out the Altcoin Buzz YouTube channel.