According to the Bloomberg report, cryptocurrency exchange Gemini Trust Company LLC is expanding into the U.K. after being granted an electronic money license from the Financial Conduct Authority. The New York-based firm was founded by famous twins, Tyler and Cameron Winklevoss, who, after claiming Mark Zuckerberg took their idea for a social-networking website to start Facebook Inc., moved on to become entrepreneurs in the crypto industry. Gemini will now let U.K. consumers buy products with the leading cryptocurrency Bitcoin using regular debit cards as a funding source.
“Gemini will be secure, and offer protection against fraud.”
Investors in cryptocurrency will similarly be able to fund digital wallets via bank payments such as CHAPS, without having to pay foreign exchange fees. Tyler Winklevoss said, “London is one of the birthplaces of modern finance, and has a rich tradition of regulation, but also fosters an environment of innovation,” adding that regulation and trust are central to the operation of crypto exchange like Gemini for consumers. The company said in a statement that Gemini will be secure and offer protection against fraud and money laundering with new regulations in place.
Crypto exchanges operating in the U.K. have to register by Jan. 10, 2021.
According to the report, Gemini will have to compete against a slew of players in Europe, some of them regulated by the Financial Conduct Authority as well. Earlier, the U.K. regulator also approved Archax, an exchange that is due to launch in the fourth quarter. The FCC said that all crypto exchanges operating in the country have to register by Jan. 10, 2021. But for now, Gemini is in a select club of registered firms, and it’s also already operational. Gemini is also in the licensing process in Singapore, the company revealed.