Alongside existing licenses in the UK, Gemini will now process payments and issue e-money wallets via the Irish licence, for its ongoing activities in 26 countries across Europe. This also extends to money remittance and execution of payment transactions via telecoms, the ability to clear euro payments directly without the involvement of commercial banks, and the issue of IBAN accounts to its clients.
The crypto exchange first applied for the license earlier in 2020, following the footsteps of fintechs such as Coinbase, Stripe, Square and Meta. This exposes its business to jurisdictions when it comes to regulatory oversight.
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