The crypto market in the UK is one of the major hotspots for crypto trading service providers. Almost all major crypto exchanges have eyed setting up shop in this jurisdiction, and the latest to set foot here is the New-York based exchange Gemini, months after it secured an Electronic Money Institution (EMI) license.
According to a press release from Gemini, the Winklevoss-led Bitcoin and crypto trading platform is now expanding to the UK, with a plethora of new features, faster ways to fund one’s crypto account, and additional local support along with the ability to access the platform and trade on both desktops and mobile devices.
Customers in the UK will now be able to purchase cryptocurrencies on the exchange using British pounds (GBP) using their debit cards, or directly make fiat deposits into their crypto accounts via their banks using Faster Payments, CHAPS, and SWIFT wire transfers without incurring any exchange rate fees.
Furthermore, the exchange’s secure platform will also allow institutional investors to access crypto trading using their local currency, while also having access to market data and custodial services.
Gemini CEO Tyler Winklevoss commented on the development:
“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 […] 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.”
Gemini one of the first
The announcement comes a month after the platform was granted the EMI license by the U.K’s Financial Conduct Authority (FCA). This made Gemini one of the first crypto exchanges to be registered with the FCA under the updated directive that requires crypto entities to be registered before performing any activities related to crypto-assets.
Meanwhile, the FCA has set a deadline of January 2021 under the European Union’s fifth AML Directive (AMLD5), for crypto business to get registered.
As a part of the process, applicants are required to present a detailed report on how they plan on complying with AML regulations, providing information on a range of topics such as their company goals, governance models, staff, clients, projections.
The FCA will be actively monitoring if crypto entities are following the updated rules, and will be taking swift action in case of failure to comply with the regulations.