The Gemini cryptocurrency exchange announced that it has launched in the UK, providing citizens who reside there with tools that allow for the buying, selling, and storing of cryptocurrency assets.
Although not the biggest exchange by volume, Gemini has always been known for its co-founders, the famous Bitcoin advocates Tyler and Cameron Winklevoss.
“Today, we are expanding our full services into the United Kingdom (UK). Users in the UK can now use our simple, reliable, and secure products, including our Mobile App, to buy, sell, and store crypto.”
In the blogpost, Tyler mentioned that Gemini had gained authorization from the UK’s primary financial regulator, the Financial Conduct Authority (FCA), to act as an electronic money institution (EMI). The stamp of approval from the FCA signals a new step in the mainstreaming of cryptocurrency services in the UK.
In addition to the EMI license, Gemini has also received the nod to become part of the FCA’s Fifth Money Laundering Directive (MLD) crypto-asset registration process. This registration means that the exchange will have to comply with all rules relating to counter-terrorism financing (CTF) and anti-money laundering (AML).
The approval and launch are both in keeping with Gemini’s record of doing things by the book and working closely with regulators. As the announcement phrased it, “[the approval] reflects our ethos of working proactively with regulators and asking for permission, rather than forgiveness.”
Like New York, London is a major global financial hub, known for its activity in terms of financial innovation and regulation. The fact that Gemini targetted the UK is no coincidence, as it’s part of the exchange’s broader mission to bridge the gap between traditional finance and crypto.