May 23, 2024

Gemini Looking To Expand Into The United Kingdom

Gemini is looking to expand its operations to the United Kingdom going by rumors doing rounds in the crypto space. Gemini is the Crypto exchange that was founded by the Winklevoss twins, Cameron and Tyler.

Gemini Expansion Plans

Man trading with cryptos

The Financial Times has reported that the Crypto exchange which is based in New York has already sought advice on the feasibility of making a move into Britain. Citing several sources who are said to be close to the process, the Financial Times has reported that the Crypto exchange will soon be tendering an application to the FCA (Financial Conduct Authority).

Gemini will be seeking regulatory permission to begin operating in the market, with the application being made under the authority’s e-money program. The Crypto exchange is however yet to confirm these reports only commenting that though there are currently no immediate plans, it is evaluating its expansion possibilities.

The financial times has cited Gemini as saying that it is in the process of exploring the potential of expanding its operations to other major jurisdictions around the world and enable it to provide the most advanced Crypto exchange and custodian of the digital assets while at the same time ensuring the growth and development of infrastructure within the Crypto sector. the citation went on to state that though the Crypto exchange does not have any immediate plans to execute the expansion, it will be evaluating opportunities which will enable the global market to trade in digital assets in a manner that is secure, regulated and compliant.

Coinbase Market Standing

Coinbase, another crypto exchange has been able to expand its services into the UK. The expansion which happened in March saw the Crypto exchange being allocated an e-money license by the regulatory body in the UK. This license has authorized the Crypto exchange to operate a payment and electronic money service platform not only in the UK but in other countries within the European Union as well. Users of Coinbase UK can currently trade in ETH, BCH, ETC, BTC, and LTC.

Going by CoinMarketCap statistics, Gemini currently stands in the rankings of the largest Crypto exchanges in the world at 61st. its daily trading volumes are at $12 million and its monthly at nearly $750 million. The exchange operator has recently launched a digital asset pegged on the US dollar dubbed the Gemini Dollar (GUSD).

Tougher Regulation In UK

Andrew Bailey, who is the head of the FCA earlier this month commented that there was a need for a more balanced approach to the Crypto space saying that there was a need to not only maintain customer protection and mitigation of risks but of also leaving enough room for the sector to have more innovation and expansion. Lawmakers, however, have had a more critical of the sector saying that there was a need for more stringent regulation of the space terming it as a Wild West market.

More stringent regulation, however, will not affect Gemini much seeing as is is among the few crypto exchanges that qualified to have their operations in New York city, complying with the state’s thorough BitLicense framework.

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