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Gemini‘s UK branch has announced that as of November 17, it will only permit cryptocurrency transfers to and from entities registered with the Travel Rule Universal Solution Technology (TRUST). This decision aligns with the Travel Rule regulations, which mandate Virtual Asset Service Providers (VASPs) to exchange sender and receiver information during cryptocurrency transactions.
The exchange has taken this step to ensure adherence to the UK’s stringent application of the Travel Rule, requiring complete transparency of transactional data. Consequently, Gemini has confirmed partnerships with TRUST to streamline this compliance while aiming to prevent fraudulent activities within the digital asset sphere.
UK Gemini Users Face Transfer Restrictions
Moreover, the new regulations will see Gemini allowing outgoing transfers of Bitcoin and other cryptocurrencies only to a list of 58 TRUST-registered companies. This includes notable names such as Anchorage, Binance.US, BitGet, BitGo, Coinbase, and Circle. The restrictions will also extend to incoming transfers from non-TRUST VASPs starting in December, with Gemini stating it may freeze or limit accounts attempting such transactions.
Additionally, Gemini’s initiative is part of its broader strategy to comply with the UK’s evolving regulatory landscape concerning digital assets. The UK has recently undertaken a series of steps to establish a more defined regulatory framework for cryptocurrencies. This includes the introduction of a financial promotions regime and the passage of legislation empowering law enforcement to seize crypto assets tied to illegal activities.
CTO Exit Amid Gemini’s Regulatory Shift
In response to these developments, Gemini has restructured its operations to align with the new rules. This has entailed creating dedicated communication channels for UK customers and implementing risk warnings across its trading platform.
Significantly, this announcement comes on the heels of the news that Pravjit Tiwana, Gemini’s Chief Technology Officer, will be departing the exchange. Tiwana, who joined Gemini in January 2022, has been influential in realigning the exchange’s corporate ethos, drawing from his extensive experience at Amazon Web Services.
The crypto exchange’s adaptation to regulatory demands signifies the industry’s ongoing shift towards greater transparency and accountability. Gemini’s partnership with TRUST aims to set a precedent for compliance while ensuring its operations remain robust against the backdrop of the UK’s tightening grip on the digital asset market.
Gemini’s proactive approach highlights the exchange’s commitment to operating within the bounds of regulatory expectations. It is reflective of a maturing industry that is increasingly prioritizing compliance to foster a secure and trustworthy environment for cryptocurrency transactions.
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