Sources say Gemini has plans to expand in Europe and the UK

Irving Hamilton
September 26, 2018

The UK market is huge and will in turn have a very big impact on the trading volume within the Gemini exchange, benefitting the pockets of the Winklevoss twins in the process no doubt. "Although we have no immediate plans, we ... will always evaluate opportunities that allow the global economy to buy, sell, and store digital assets in a regulated, secure and compliant manner".

While it might not compete with Binance as the biggest exchanges in the world, Gemini crypto exchange is certainly among the most renowned. Gemini integrated Zcash after extensive cooperation with local regulators.

While most countries have sought to formulate new laws to encompass the new asset class, the MPs advised against it, stating that "bringing crypto-assets into the scope of existing regulation, instead of creating a new framework specifically for the assets, would be the quickest way of doing this".

The Gemini Trust Company was formed back in 2014 and is among the top 100 cryptocurrency exchanges by volume traded.

As the FT notes, Gemini already operates as a fully compliant crypto custodian and trading services provider in the US, having received formal approval from New York's Department of Financial Services (NYDFS) to operate under the state's exacting BitLicense framework in 2015.

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Back in the USA the NY attorney general published a report indicating that there is a level of market manipulation associated with some of the larger crypto exchanges. Among them is the United Kingdom arm of the largest U.S. cryptocurrency exchange, Coinbase, which obtained the licence in mid-March.

One of the sources also indicated that Gemini is preparing to file an application with the UK's Financial Conduct Authority (FCA), the agency that oversees the financial markets.

The E-Money License is part of the FCA's objective to keep all financial services in Britain reliable, honest and safe and to prevent any malicious or unsavory activities being spawned within the digital currency market.

Gemini, which now ranks as the 61 largest cryptocurrency exchange in the world, is certainly serious about cryptocurrency expansion and creating a more lawful and genuine digital currency market.

Cameron and Tyler Winklevoss are among the most ardent Bitcoin proponents famous for their outrages price predictions, and they haven't changed their bullish views even amid the epic collapse on the cryptocurrency market, which has lost over 60% of its value since the beginning of the year.

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