Gemini has secured approval from the French regulator to launch its services in France. This significant development opens a new chapter for Gemini, allowing it to extend its offerings to retail and institutional clients in the European market.
Gillian Lynch, the Head of EU at Gemini, emphasized the importance of this regulatory approval in the company's European expansion in a report by CNBC. Gemini plans to roll out its products to retail and institutional clients in France within the coming weeks.
Gemini's Global Expansion
Gemini's expansion into the European market arrives when US regulators, including the Securities and Exchange Commission (SEC), are increasingly scrutinizing the crypto industry. As the US continues to grapple with crypto regulations, Gemini and other major players are leveraging the regulatory clarity the EU offers.
Besides that, the SEC's recent approval of spot Bitcoin ETFs is seen as a positive step towards integrating crypto into traditional finance. Gemini's step to establish its presence in Europe underscores the importance of global diversification amid evolving regulatory landscapes.
However, the crypto exchange has encountered challenges in expanding its services globally. Last year, the New York-based cryptocurrency exchange announced its decision to suspend services to its Dutch customersstarting November 17, 2023.
Gemini Navigates Global Regulations
This move resulted from the regulatory pressure imposed by the De Nederlandsche Bank. Despite this step, Gemini assured its Dutch users that this would not permanently exit the country. The company mentioned that this step was a strategic maneuver to ensure compliance with the European Union's Markets in Crypto-Assets regulations.
Last May, the exchange relocated its European headquarters from London to Dublin, citing regulatory uncertainties. Gemini's registration as a Virtual Asset Service Provider in Ireland in July 2022 has solidified its commitment to the region.
Besides that, Gemini faces a legal battle following the SEC's previous lawsuit against the exchange. The regulator accuses the company of violating securities regulations by offering and selling crypto lending products without proper registration. Similarly, the New York Attorney General, Letitia James, has launched a lawsuit against Gemini Trust Company, Genesis Global Capital, and Digital Currency Group.
This article was written by Jared Kirui at www.financemagnates.com.
You can get bonuses upto $100 FREE BONUS when you:
💰 Install these recommended apps:
💲 SocialGood - 100% Crypto Back on Everyday Shopping
💲 xPortal - The DeFi For The Next Billion
💲 CryptoTab Browser - Lightweight, fast, and ready to mine!
💰 Register on these recommended exchanges:
🟡 Binance🟡 Bitfinex🟡 Bitmart🟡 Bittrex🟡 Bitget
🟡 CoinEx🟡 Crypto.com🟡 Gate.io🟡 Huobi🟡 Kucoin.
Comments