Breaking: Crypto Exchange Gemini Gets Regulatory Nod in France
Crypto exchange Gemini has received regulatory approval to provide its services in France. According to CNBC, the French AMF watchdog authorized Gemini as a virtual asset services provider in the country. The approval marks a significant move for a U.S. Crypto exchange in Europe.
Gemini to expand in France
Founded and owned by twins Tyler and Cameron Winklevoss, Gemini announced on Wednesday that the French markets watchdog Autorite des Marches Financiers (AMF) had authorized it as a provider of virtual asset services in France.
Post this approval, the crypto exchange aims to roll out its products to retail and institutional clients in the coming weeks. According to a report by CNBC, Gemini is currently in the “final preparations” to open its whole platform up.
Gemini to provide trade of over 70 cryptocurrencies in France
Customers of Gemini in France will have access to the company’s more sophisticated ActiveTrader platform and be able to trade over 70 cryptocurrencies on both the website and mobile app once it goes live.
Gemini eOTC, the company’s electronic over-the-counter trading system, will be available to institutional clients.
Gemini eyes Europe amid legal battles in The U.S.
The French clearance for Gemini comes at a time when significant American cryptocurrency companies are looking to the EU to grow their business. This is largely due to a crackdown by US regulators, such as the Securities and Exchange Commission, on the sector.
Notably, this move also comes ahead of the impending implementation of the pioneering Markets in Crypto-Assets law (MiCA), hailed as the EU’s first comprehensive regulation for crypto assets.
Gemini is also embattled with lengthy legal battles in the U.S. The current court case raging between the firm, cryptocurrency lender Genesis, and Digital Currency Group, the parent company of Genesis has seen the crypto exchange’s credibility tarnish . The dispute has resulted in a discussion between the Winklevoss twins and DCG founder Barry Silbert, highlighting the increased strain in the business.
Gemini also has to contend with stringent regulatory oversight. Additionally, the exchange has been accused by the US Securities and Exchange Commission contending that the joint venture with Genesis, the “Earn” program, is an unregistered securities offering.
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