The New York-based digital currency exchange Gemini has announced its expansion into the United Kingdom, which will allow UK based customers to make secure cryptocurrency exchanges in pounds sterling (GBP).
The company can now safely launch in the UK after it was granted an Electronic Money Institution (EMI) license by the Financial Conduct Authority (FCA) earlier this year. Gemini is also one of the first businesses that the FCA has approved as part of its Fifth Money Laundering Directive (5MLD) crypto-asset registration process.
UK consumers can make GBP crypto purchases with their debit card or make GBP deposits to fund their account immediately through their banks via Faster Payments, CHAPS, and SWIFT wire transfers, with no need to transact in foreign currencies or incur exchange rate fees.
Gemini also now offers its secure platform to UK institutional investors in their local currency, enabling them to access crypto trading, market data, and custody services on behalf of their clients. They also provide tools on mobile and desktop that enable users to trade and invest in cryptocurrencies, understand the market, and safely store and manage their portfolio all with local support.
Tyler Winklevoss, Gemini 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 centre 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.”
Gemini was founded by twin brothers Cameron and Tyler Winklevoss, known for their legal battle with Mark Zuckerberg in regard to the creation of Facebook, as documented in the film The Social Network. After settling their case for $65 million, the twins moved into the digital asset industry and are known as early adopters of Bitcoin.