Gemini Receives Regulatory Approval to Provide Its Services in Italy and Greece

Gemini Receives Regulatory Approval to Provide Its Services in Italy and Greece

Crypto exchange Gemini continues its expansion in Europe.

Gemini, a cryptocurrency exchange and custodian that allows customers to buy, sell, and store digital assets, has received regulatory approvals from authorities in Italy and Greece.

According to the announcement shared on November 30th, Gemini was registered as a Virtual Currency Operator with the Organismo Agenti E Mediatori (OAM)

Did you know?

Want to get smarter & wealthier with crypto?

Subscribe - We publish new crypto explainer videos every week!

What is Shiba Inu Coin? (Explained with Animations)

What is Shiba Inu Coin? (Explained with Animations) What is Shiba Inu Coin? (Explained with Animations)

On the other hand, Greece’s Hellenic Capital Markets Commission (HCMC) granted the company the approval to operate as a “custodial wallet provider and provider of exchange services between virtual and fiat currencies.”

Based on the official data, Gemini received a green light from OAM on November 3rd, whereas HCMC gave its approval on November 7th.

In the announcement, the company highlighted that its electronic money institution authorization from the Central Bank of Ireland allows Gemini to provide a full spectrum of its products and services to customers in Italy and Greece.

On top of that, Gemini emphasized that its registrations in Greece and Italy show the company’s compliance with Anti-Money Laundering and Counter-Terrorist Financing regulations in the countries. Moreover, Gemini added:

Strong regulatory compliance has always been a core tenet of Gemini’s ethos; we believe that the long-term success and integrity of crypto markets and companies in the space depends on it.

Gemini has licenses to operate in 65 countries, including Czechia, Croatia, Denmark, Latvia, Ireland, Portugal, Sweden, and so on.

The news about Gemini’s registration comes more than a week after the company halted withdrawals for its lending platform, Gemini Earn. It was reported that Gemini allegedly has $700 million of customer funds locked due to its connections with now-bankrupt crypto trading firm Genesis.

On November 21st, Gemini took to Twitter to reassure its customers that the company was searching for solutions.

We continue to work with Genesis Global Capital — the lending partner of Earn — and its parent company Digital Currency Group to find a solution for Earn users to redeem their funds.

Nevertheless, on November 29th, Gemini once again assured its users that their digital assets were separated from Gemini’s assets.

Gile K. - Crypto Analyst

by Gile K. - Crypto Analyst, BitDegree


Loading...