Gemini Exchange Approved by the UK’s Financial Watchdog; Sets the Stage for European Expansion
U.K’s Financial Conduct Authority (FCA) has approved Gemini’s Europe subsidiary, setting up the U.S based crypto exchange to scale its businesses while being compliant. Gemini joins Archax, which is also a digital asset service provider operating in the U.K, and was granted regulatory approval on August 18. The two firms lead the pack in terms of compliance since the FCA directed all crypto-oriented businesses within its jurisdiction to register with them by January 2021.
With the Fifth Anti-Money Laundering (5AMLD) coming into full action, European countries like the U.K have gone a step further to ensure that they meet the requirements seamlessly. One of the moves made by financial authorities to ensure this is in place includes legal registration, as highlighted. In doing so, oversight bodies such as the FCA are optimistic about eliminating rogue elements by the time the registration window lapses.
While complying with the set guidelines is quite a challenge, the European crypto market is one of the lucrative niches and remains largely untapped. Gemini had signaled a probable move into this market back in May, noting that it would feature the Euro should it get the legal approvals.
Now that the Winklevoss led crypto exchange is FCA registered, it is likely that the Euro will be added as a fiat currency pair sooner. Notably, Gemini recently scaled its fiat currency options to feature the AUD, CAD, and HKD.
Other than global expansion, Gemini has been making strategic alliances to boost the efficiency of its ecosystem. The latest highlight is the exchange’s partnership with Samsung blockchain wallet, which scaled the North America market options when it comes to on-ramping or crypto storage while operating within Gemini’s ecosystem.