Gemini Cryptocurrency Exchange Plans For Expansion Into The U.K. Crypto Market
Popular U.S.-based cryptocurrency exchange Gemini is much likely to expand its business in the U.K. crypto market, the Financial Times (FT) cited sources familiar with the matter. Gemini was founded in 2014 by Tyler and Winklevoss.
The Financial Times report also notes that Gemini has also hired some legal advisors for its entry into U.K. and also filed an application with the Financial Conduct Authority (FCA). The FCA looks after the regulations in the country’s cryptocurrency market.
However, the U.K lawmakers had currently demanded that the government should seriously consider the risks associated with the ‘Wild West’ crypto market and should take control in its hand. However, FT received a comment from Gemini saying that it has no immediate plans as of now.
“We continue to explore potential jurisdictions around the globe to provide a best-in-class digital asset exchange and custodian which will enable growth and infrastructure to the entire digital asset community,” said the exchange.
“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.”
To be noted, Gemini is a fully compliant trading service and crypto custodian operating under the official approval of New York’s Department of Financial Services (NYDFS). Gemini has established itself as an exchange with fair trading practices in the market.
The Gemini cryptocurrency exchange also employs SMARTS surveillance technology from Nasdaq to detect and further discourage any activities of market manipulation involving digital assets.
Additionally, Gemini has also got its own self-regulatory organization (SRO) that works in tandem with other exchanges in the industry. The SRO was launched earlier this year in March 2018 with an aim to "foster financially sound, responsible and innovative virtual commodity markets".
Much recently, Gemini also announced the launch of Gemini Dollar - The world’s first regulated stablecoin. The Gemini Dollar is built on the Ethereum Blockchain Network using the ERC-20 standards. Each stablecoin is pegged to the U.S. Dollar in 1:1 ratio.
The exchange has also been actively involved in developing Bitcoin investment product like the Bitcoin ETF. However, they have yet to strike success in this matter.