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Gemini receives legal permission for business expansion to the UK

Gemini Trust Company LLC, the cryptocurrency exchange and digital assets custodian founded by the Winklevoss twins, Tyler and Cameron Winklevoss, has recently announced its expansion into markets in the United Kingdom.

According to a report by Bloomberg on Thursday, the company is making this move after it has been granted permission by the financial regulatory body in the UK, the Financial Conducts Authorities (FCA), via an e-money license.

This expansion to the UK markets will enable Gemini’s customers in the country to buy goods, pay for services, and conduct several other transactions with Bitcoin, using just their debit cards. 

Additionally, holders of various cryptocurrencies listed by the exchange will be able to fund their wallets using bank payments such as CHAPS, without any risk of incurring extra foreign exchange charges. All these will facilitate fast and seamless transactions on Gemini.

In an interview, Tyler Winklevoss stated that trust and regulations are two very important things needed for a cryptocurrency exchange like Gemini to operate efficiently.

He added, “London is one of the birthplaces of modern finance, and has a rich tradition of regulation, but also fosters an environment of innovation.”

The company assured its potential clients that it will provide a secure and reliable trading platform to shield them from any threats of fraud and money laundering while they are transacting with one of the most volatile cryptocurrencies, Bitcoin.

Internationally, Gemini is a relatively small cryptocurrency exchange and is ranked the 67th largest crypto spot exchange, according to recent data from CoinMarketCap. 

Gemini is already in competition with one of the world’s largest crypto exchanges, Coinbase, in its home country, the United States. And now, the company will also have to contend with a lot of competitors which are already under the scrutiny of the FCA in the new market. 

The regulatory body had earlier made it clear that every cryptocurrency exchange operating in the country will have to be registered by January 10, 2021. 

According to the Winklevoss twins, the company is also making plans to expand its scope to Singapore. It is currently in the licensing process.

See Also: Adoption: Samsung’s Blockchain Wallet to Integrate With Gemini Exchange

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