Gemini gets approval to provide cryptocurrency exchange and custody services in UK
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Gemini gets approval to provide cryptocurrency exchange and custody services in UK 24 September 2020London Reporter: Becky Bellamy
Image: Андрей Яланский - stock.adobe.com
Gemini has fully expanded in the UK, providing individuals and institutions with cryptocurrency exchange and custody services in pounds sterling.
The launch comes after the Financial Conduct Authority (FCA) granted Gemini an electronic money institution license.
It also received approval from the FCA as part of its Fifth Money Laundering Directive crypto asset registration process.
Purchases or deposits to fund accounts can now be made instantly by UK consumers through their banks via Faster Payments, CHAPS and SWIFT wire transfers, without exchange rate fees or transacting in foreign currencies.
Gemini’s offering will also service UK institutional investors in local currencies, enabling them to access crypto trading, market data and custody services on behalf of clients.
Tyler Winklevoss, CEO of Gemini, described its UK launch as “another exciting step forward in Gemini’s international expansion”.
Winklevoss added: “The UK is a global centre of financial innovation with a stringent and progressive regulatory regime. We're proud to help usher the crypto revolution into this historic market and become a part of its rich tradition. We look forward to welcoming consumers and institutional customers to our platform."
In January this year, Gemini launched Nakamoto, a captive insurance company licensed by the Bermuda Monetary Authority (BMA).
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Image: Андрей Яланский - stock.adobe.com 