Crypto exchange Gemini receives an electronic money license from the U.K. financial regulator

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The FCC has issued a cryptocurrency license to the Cryptocurrency exchange Gemini Trust Company LLC, and they are starting to expand their market into the UK.

The Gemini Trust Company LLC cryptocurrency exchange is expanding into the U.K. once the electronic money license from the Financial Conduct Authority has been granted, according to the Bloomberg report. UK consumers will be allowed by Gemini to use Bitcoin’s leading cryptocurrency by using a regular debit card as a source of funds to purchase products.

Cryptocurrency exchange Gemini Trust Company LLC is expanding into the U.K. after being granted an electronic money license from the FCC.

“Gemini will be secure, and offer protection against fraud.” 

Similarly, cryptocurrency investors will be able to finance digital wallets without paying foreign exchange fees via bank transfers and CHAPS as an example. 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”. Tyler Winklevoss said that London is one of the birthplaces of modern finance and has a rich regulatory tradition and promotes an innovative environment. Regulation and trust are the leading factors in the performance of crypto exchanges like Gemi for consumers. The company said 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 would have to compete against many players in Europe, some of them already controlled by the Financial Conduct Authority. Previously, the U.K. Archax, an exchange due to be launched in the fourth quarter, was also authorized by the regulator. The FCC said that by Jan. 10, 2021, all crypto exchanges operating in the country must register. For now, though, Gemini is in a small club of registered businesses, and it’s already operational as well. Gemini revealed that they are also in Singapore in the licensing process.

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