Crypto exchange Gemini launches in the U.K.

Exchanges • September 23, 2020, 11:59PM EDT

Crypto exchange and custodian Gemini has launched in the U.K. as part of its global expansion plans.

U.K. residents can now deposit British pounds via debit cards or bank transfers to buy cryptocurrencies via Gemini. The exchange supports the U.K. Faster Payments Scheme, SWIFT, Clearing House Automated Payment System (CHAPS), and wire transfers as payment methods.

When asked whether Gemini is planning to add support for PayPal, a spokesperson of the exchange declined to comment. Last week, bitFlyer Europe became the first crypto exchange to enable euro deposits via PayPal to buy cryptocurrencies.

Gemini's U.K. launch comes soon after the exchange received an Electronic Money Institution (EMI) license from the Financial Conduct Authority (FCA), as well as registration as a crypto asset firm as part of the regulator's fifth anti-money laundering directive (AMLD5).

The FCA register shows that Gemini has two entities in the U.K. — Gemini Europe and Gemini Europe Services. The former facilitates e-money activities (fiat currency safeguarding and the purchase of crypto using fiat), and the latter facilitates crypto custody and crypto exchange services, the spokesperson told The Block, adding: "This structure best supports Gemini's activities in the U.K."

Gemini is also in the licensing process in Singapore. The exchange, led by entrepreneurs and investors Cameron and Tyler Winklevoss, has been operating in the U.S. and several other countries since 2015. According to The Block Research, Gemini has about 1% market share in terms of trading volumes.

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Yogita Khatri is a senior reporter at The Block, covering all things crypto. As one of the earliest team members, Yogita has played a pivotal role in breaking numerous stories, exclusives and scoops. With nearly 3,000 articles under her belt, Yogita holds the records as The Block's most-published and most-read author of all time. Prior to joining The Block, Yogita worked at crypto publication CoinDesk and The Economic Times, where she wrote on personal finance. To contact her, email: [email protected]. For her latest work, follow her on X @Yogita_Khatri5.