Gemini, a global cryptocurrency exchange, has launched services in the UK.
The announcement was made after the exchange received the approval for an Electronic Money Institution (EMI) licence from the Financial Conduct Authority (FCA). Gemini has filed for a licence to operate in Ireland too, in case Brexit means a UK-issued EMI licence will not be valid in wider Europe.
The expansion means UK customers can make GBP deposits to fund their Gemini account via Faster Payments, Chaps, and Swift wire transfers, resulting in no more transacting in foreign currencies or incurring exchange rate fees for UK users, according to Fintech Futures.
So far, the startup’s European arm is the second entity to land approval as part of the FCA’s Fifth Money Laundering Directive (MLD) crypto asset registration process, the online publication added. As well as in Europe, the US-based fintech is taking a regulation-focused approach in Singapore, where it plans to file for a licence under the country’s new Payment Services Act (PSA).
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