The Winklevoss-owned crypto exchange, Gemini, is expanding its presence in the U.K., aiming to provide more efficient payment systems to its clients. The NYFDS regulated exchange announced a partnership with BCB Group, a payment processing service provider, to consolidate and enhance payments from U.K based clients.
Having previously partnered with top crypto exchanges, including Coinbase and Bitstamp, as well as crypto custodial firms such as Galaxy Digital, BCB Group’s rapport in the crypto industry is well established’. The partnership with Gemini will enhance the liquidity provisions and fiat-to-crypto conversions to the exchange.
BCB Group is an institutional-grade payment processor offering cryptocurrency-focused companies, accounts, and liquidity to boost financial transactions. The company received it's Financial Conduct Authority (FCA) license to act as an authorized payment institution (API) in the U.K. This provides a regulatory cover for Gemini clients in the U.K.
The partnership with Gemini aims at improving conversions of fiat (i.e., British Pound) to crypto with faster and safer payment processes. According to Blair Halliday, Gemini’s chief compliance officer in Europe, partnering with BCB Group will simplify the payment process for its clients and improve the relationship with banks and institutions in the U.K.
Notwithstanding, Blair believes BCB Group’s partnership will further “secure access to real-time settlement infrastructure, enabling us [Gemini] to integrate with banking partners.” Halliday said,
“Gemini is focused on creating the smoothest experience possible for our UK customers to make deposits into and withdrawals out of their accounts instantly in GBP via Faster Payments, CHAPS, and SWIFT transfers.”
The crypto exchange is known for its regulatory approach, having recently acquired its FCA license granting it an Electronic Money Institution (EMI) license. This followed the company’s insistent nature is following the Fifth Money Laundering Directive (5AMLD) crypto-asset registration process.