- This launch comes after the FCA granted Gemini an Electric Money Institution (EMI) license.
- The FCA also approved the Gemini exchange as part of its 5MLD crypto registration process.
- Through this launch, UK crypto enthusiasts will be able to deposit funds via wire transfers.
The Gemini exchange has launched in the UK as part of its global expansion plan. The exchange unveiled this news through a press release on September 23, noting that this move aims to provide UK individuals and institutions with simple, reliable, and secure exchange and custody services in pounds sterling (GBP). Reportedly, the exchange expanded into the UK after receiving an Electric Money Institution license from the Financial Conduct Authority (FCA).
According to the press release, Gemini is among the first few firms that the FCA has approved as part of its Fifth Money Laundering Directive (5MLD) crypto registration procedure. Through this launch, UK crypto enthusiasts are set to enjoy new features, extra local support, and faster ways of depositing funds in their accounts. Gemini will also provide mobile and desktop tools that allow users to trade and invest in crypto. On top of this, these tools will help them better understand the market, and store and manage their portfolios seamlessly.
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Mitigating the challenges involved in crypto trading
By launching in the UK, Gemini will help UK consumers make GBP crypto purchases using their debit cards. Additionally, they will be in a position to fund their accounts instantaneously via their banks through Faster Payments, CHAPS, and SWIFT wire transfers. As such, they won’t need to make transactions in foreign currencies or incur the cost of paying exchange rate fees.
As for institutional investors based in the UK, Gemini will grant them access to its secure platform, allowing them to trade in their local currency. Also, the exchange will let them access crypto trading, market data, and custody services in the interest of their clients.
Commenting on this bullish development, Tyler Winklevoss, Gemini’s CEO said.
“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. The UK is a global center of financial innovation with a stringent and progressive regulatory regime. 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.”