New-York based cryptocurrency exchange Gemini has officially launched in the UK. This comes after the UK’s Financial Conduct Authority (FCA) granted it an Electronic Money Institution (EMI) license.
The Winklevoss-led bitcoin and crypto trading platform is also one of the first businesses to receive FCA’s approval as a part of it’s Fifth Money Laundering Directive (5MLD) crypto-asset registration process.
Crypto Exchange Gemini Launches In The UK
The British government is pondering of imposing a second nationwide lockdown. The folks at Gemini saw this as a great opportunity to announce their launch in the UK, to ‘milk’ the ongoing and upcoming surge in bitcoin and crypto trading activities in the country.
Gemini is open for business in the UK🇬🇧
— Gemini (@Gemini) September 24, 2020
As per the official blog article, Gemini announced the rollout of its full suite of services for UK users. The New-York based bitcoin exchange has also added support for the state-backed fiat currency GBP. This Gemini said is to ‘provide a more local experience’ to its British users.
UK Launch Coming After Electronic Money Institution License Approval
As reported by CryptoPotato last month, Gemini became one of the first cryptocurrency trading platforms to receive the UK Financial Conduct Authority’s Electronic Money Institution (EMI) license. This approval gives it the official permission to offer bitcoin and crypto trading services to both individuals and institutions.
Gemini said that the launch in the UK after the receipt of the above license is an effort to work ‘proactively with regulators and asking for permission, rather than forgiveness’. The exchange added:
As a licensed and compliant platform, we abide by the high regulatory standards established to safeguard your money, securely store your crypto, protect your privacy, and keep bad actors off our platform. Ultimately, this fosters a better and safer experience for you and the larger crypto ecosystem as a whole.
Gemini CEO, Tyler Winklevoss quoted the exchange’s latest development as a significant milestone in the quest for global expansion. He added that operating the British market holds immense importance for Gemini:
The UK is a global center 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.”