Gemini exchange has expanded its operation to include both individual and institutional investors in the United Kingdom (UK). The company confirmed the development in a press release published on Thursday. Gemini has since been showing interest to expand to the UK, as it began registering its European entities with the country’s regulator, FCA, sometime in August.
Many people behind this is a milestone for the residents interested in trading or holding cryptocurrencies through their local currency.
Gemini Exchange Fully Launches in the UK
Gemini, the United States-based digital currency exchange and custodian, noted in the announcement that its platform is well-suited for the institutions and retail investors. They will be able to access several digital currency services offered by Gemini exchange, such as cryptocurrency trading, market data, including its custodian services. All these services will be tracked in the countries local currency, pounds sterling (GBP).
The UK Gemini exchange will equally feature additional services for the residents, and a faster payment option that will enable to purchase cryptocurrencies easily, without having to incur exchange rate fee. While commenting on the launch, one of the founders of the Gemini exchange, Tyler Winklevoss, said:
“The UK is a global center of financial innovation with a stringent and progressive regulatory regime. […] Going live with our full services available in GBP in the UK is another exciting step forward in Gemini’s international expansion, advancing our mission to empower individuals and organizations around the world through crypto.”
Gemini Gets FCA Recognition
Gemini’s launch in the UK comes as a part of its effort to expand its digital currency service around the globe. Meanwhile, the development today is coming after the company was awarded an Electronic Money Institution (EMI) license by the UK’s FCA, fully known as the Financial Conduct Authority. Also, the exchange’s operation in the UK will be in compliance with the Fifth Money Laundering Directive (5MLD).
Recently, FCA recognized two Gemini entities as registered entities in the country under the 5MLD crypto-asset registration process. The entities in question are namely, Gemini Europe and Gemini Europe Services. Gemini Europe is reportedly placed in charge of the company’s e-money services in Europe, while the Gemini Europe Services is responsible for the operations of the digital currency exchange and custody services in Europe.