(Rejected) Gemini Crypto Exchange Enters into the UK Market as Part of Global Expansion Strategy

US-based Gemini cryptocurrency exchange has officially opened its business in the UK. This comes after the UK financial services regulator, the FCA (Financial Conduct Authority), granted it an Electronic Money Institution (EMI) license.  

Gemini is now the second cryptocurrency exchange for obtaining FCA’s approval as a requirement of new anti-money laundering measures to better control the activity within the sector. Such kind of approval gives the New York-based crypto exchange official permission to provide cryptocurrency exchange and custody services to both U.K institutions and individuals in pounds sterling (GBP).

Overcoming Barriers to Crypto Trading

Officials at Gemini crypto exchange have announced their launch in the UK to take advantage of the upcoming and ongoing rise in cryptocurrency trading activities in the nation.

With the launch, Gemini would help British consumers make GBP cryptocurrency purchases using their debit cards or immediately make GBP deposits to fund their account via their banks through their SWIFT, CHAPS, and faster Payments. In this way, they won’t need to make transactions in foreign currencies or incur the cost of paying exchange rate fees.

UK investors can now use Gemini crypto products, including its mobile app to store, sell, and buy cryptocurrencies using their local currency (pounds sterling – GBP). 

The crypt exchange is now live with new features, faster ways, and additional local support for crypto investors to fund their accounts. The firm provides tools on desktop and mobile that enable users to invest and trade in crypto assets, understand the market, and manage and safely store their portfolio.

Gemini’s move into the United Kingdom is part of the company’s global expansion plans.

Gemini CEO, Tyler Winklevoss, said: "Going live with our full services available in GBP in the U.K is another exciting step forward in Gemini's international expansion, advancing our mission to empower individuals and organizations around the world through crypto.”

Geminin has hired high-profile executives over the last 18 months to expand its exchange and custody business outside America.

Gemini Cofounder Sees Bitcoins A Hedge

Gemini’s launch in the United Kingdom comes a time when Bitcoin price fluctuates at around $10,000, half of its peak value in 2017. The cryptocurrency was buoyed by retail and institutional investors during the current pandemic, reaching above $12,000 in August. Gemini CEO Tyler Winklevoss believes that the interest in cryptocurrency is higher than ever, and people’s interest in investing in crypto assets would continue rising.  

The COVID-19 pandemic has made many people and even skeptics to consider using Bitcoin and cryptocurrency as they are worried about what money printing means for the U.S dollar.

Winklevoss claims that the idea of people earning interest on their money at banks is no longer possible, and may not be for several years. He not only sees Bitcoin as digital gold but also as an opportunity to hedge against ongoing inflation.