Gemini Enables GBP Deposits for Crypto Purchases in the UK
Gemini, a cryptocurrency exchange and custodian, has announced on Thursday its expansion into the United Kingdom by ‘fully’ launching its services and adding support to the British pound.
This came after the Winklevoss twins’ exchange received recognition from the Financial Conduct Authority (FCA) in August as a crypto exchange for its locally formed entity and also received an electronic money institution (EMI) license.
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The registration process was made mandatory by the market regulator under the European Union’s Fifth AML Directive (AMLD5), and Gemini became one of the first to register itself as a local crypto exchange.
According to the official announcement, both ‘individuals and institutions’ in the UK can now access Gemini’s services and purchase digital assets with the British pound. The exchange has opened debit card support along with other bank transfer options, including Faster Payments, CHAPS, and SWIFT.
“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,” Gemini CEO, Tyler Winklevoss said in a statement.
Institutions Remain in Focus
Additionally, the exchange highlighted that UK institutional investors can access crypto trading, market data, and custody services on the platform on behalf of their clients.
Though headquartered in New York, Gemini is aggressively expanding its international presence and has services also in Canada, South Korea, Hong Kong, Singapore, and Australia. It is strengthening its overseas presence with major hires as well.
“The UK is a global center of financial innovation with a stringent and progressive regulatory regime…We look forward to welcoming consumers and institutional customers to our platform,” Winklevoss added.
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