United Kingdom’s Financial Authority has announced that it has given approval to Gemini crypto exchange.
While breaking the news, the UK regulator stated that the firm already underwent and passed an assessment test. With this move, Gemini crypto exchange has become the first-ever American based crypto firm to be approved.
Coincidentally, the firm is the second digital assets firm that has been approved. January 2021 will witness the start of crypto companies around the United kingdom complying with the regulations that were filed by the FCA in 2017.
Aside from getting registered by the body, crypto firms in the UK would have to follow regulations that have to do with Money Laundering and Funding.
Gemini crypto exchange teams up with Eventus Systems to eliminate market manipulation
Earlier in the week before the announcement came in, Gemini crypto exchange announced that it has embarked on a new partnership with Eventus Systems. Given the partnership, both firms would be able to eliminate market manipulations in the digital asset space.
In a Bloomberg report, Coinbase has enlisted the help of Eventus Systems to help them counter the same problem. Another milestone was achieved after Gemini further announced teaming up with Blockchange in a bid to avail investors of opportunities in the crypto space.
Gemini crypto exchange hopes to spread into the United kingdom market
With the news, Gemini would be able to extend its tentacles into the United Kingdom as it aims to provide its client base with so many benefits. Giving his review, co-founder of the firm, Tyler Winklevoss said:
This news is a perfect one as we have been trying for a while now to get the approval and this will eventually signal good things to come for our clients in the region.
Gemini crypto exchange has further announced that Quantum Capital would be its first client to register on the platform created by the Gemini-Blockchange partnership. The move will aid them to help their clients generate a lot of diverse investments portfolio.