Cryptocurrency exchange Gemini is now expanding into the UK.
The launch follows obtaining an electronic-money institutions (EMI) license from the Financial Conduct Authority (FCA) after the agency declared that all crypto exchanges operating in the country are required to register with it as per its Fifth Money Laundering Directive (5MLD) by Jan. 10, 2021.
Now that Gemini is open for business in the UK, the users in the region can buy, sell, store, and trade crypto using their local currency pound sterling (GBP).
“London is one of the birthplaces of modern finance and has a rich tradition of regulation, but also fosters an environment of innovation,” said Tyler Winklevoss.
— Gemini (@Gemini) September 24, 2020
The New York-based firm founded by Tyer and Cameron Winklevoss will now let its users buy Bitcoin and other cryptos using debit cards. Supported cryptos include Bitcoin (BTC), Bitcoin Cash (BCH), Basic Attention Token (BAT), Dai (DAI), Ether (ETH), Litecoin (LTC), ChainLink (LINK), Orchid (OXT), Amp (AMP), Pax Gold (PAXG), and Compound (COMP).
Cryptocurrency investors can also fund digital wallets via bank payments such as CHAPS, Faster Payments, and Swift wire transfers without incurring foreign exchange fees.
Gemini is among the few registered firms — already operating — in the UK, with Archax being another one approved by the US regulator and due to launch in the fourth quarter.