Winklevoss twins’ crypto exchange, Gemini has received the green light from the Financial Conduct Authority (FCA) to start its operations in the United Kingdom.
The UK regulator added Gemini Europe Limited, a local subsidiary of the New York-headquartered exchange, to its register on August 19, the same day it approved Archax.
While Gemini is already operational in the UK, Archax is yet to launch its services.
Though many crypto platforms already operate in the United Kingdom, the market regulator mandated registration with it for all such platforms by January 10, 2021. This comes as the FCA has updated its anti-money laundering regulations to comply with the European Union’s fifth AML Directive (AMLD5).
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As Finance Magnates reported, Archax claimed to be the first crypto exchange to receive the FCA approval, making Gemini the second. Except for these two exchanges, none of the other exchanges received the UK approval yet.
Racing to Become a Dominant Global Crypto Exchange
Headquartered in New York, Gemini made its name by offering crypto exchange and custodian services to institutions. It received the UK approval while it is aggressively expanding overseas operations.
The crypto exchange is currently operational in the United States, the United Kingdom, Canada, South Korea, Hong Kong, Singapore, and Australia.
Gemini also expanded its services recently to offer digital asset trading and storing services to registered investment advisors. The exchange is offering the services in partnership with San Francisco-based crypto investing platform, Blockchange, and has already on-boarded Quantum Capital Management, which manages over $125 million in assets, as its first client.
Meanwhile, the crypto exchange also tapped Eventus recently, to boost trade surveillance on the platform and curb any irregular market activity.