UK regulator adds Gemini to list of registered firms

U.S. crypto exchange Gemini has registered its U.K. branch with the Financial Conduct Authority (FCA) in an effort to comply with the country's recent mandate that crypto firms report their activity. This comes hours after the news the FCA approved its first exchange under the new regulation, Archax.

The U.K. amended its anti-money laundering rules earlier this year with the European Union's fifth AML Directive (AMLD5). The updated directive called for new and existing crypto businesses in the U.K. to register with the FCA before performing any crypto-asset activity. Existing businesses have until January 10, 2021 to register.

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Gemini's U.K. arm, Gemini Europe Limited, appeared on the FCA register on Wednesday. However, an effective status date for the firm's registration has not been added. Alongside Gemini was Archax, whose approval status took effect on August 18, according to the register. Archax is an upcoming London-based exchange. 

Archax told The Block that the process was "tough," and it seems Gemini is taking steps to beef up its surveillance tools as it navigates the FCA process. Bloomberg reported that the Gemini Trust Co. had hired Eventus Systems Inc. to provide anti-market manipulation tools. Eventus also works with other U.S. exchanges like Coinbase and ErisX.  

For now, Archax and Gemini are the only two firms on the FCA's list of registered crypto-asset firms. However, The Block reported in June that nine existing firms had applied for a priority review.

About Author

Aislinn Keely is a reporter on The Block's policy team holding down the legal beat. She covers court decisions, bankruptcies, regulatory actions and other key moments in the legal sphere, putting them in context for the wider crypto industry. Before The Block, she lent her voice to the NPR affiliate WFUV and helmed Fordham University's student newspaper. Send tips or thoughts on all things policy and legal to [email protected] or follow her on Twitter for updates @AislinnKeely.