Gemini, a popular cryptocurrency exchange founded by twins Tyler and Cameron Winklevoss, has recently received regulatory approval from the French Autorite des Marches Financiers (AMF) to provide its services in France. This marks a significant move for the US-based exchange as it expands its reach into Europe.
According to CNBC, Gemini plans to roll out its products to both retail and institutional clients in France in the coming weeks. This includes access to their more sophisticated ActiveTrader platform and the ability to trade over 70 different cryptocurrencies on their website and mobile app. Institutional clients will also have access to Gemini’s electronic over-the-counter trading system.
The French clearance for Gemini comes at a time when many American cryptocurrency companies are looking to the EU for growth opportunities. This is in response to increased regulatory scrutiny in the US, particularly from the Securities and Exchange Commission.
Additionally, Gemini is preparing for the implementation of the Markets in Crypto-Assets law (MiCA), which is hailed as the EU’s first comprehensive regulation for crypto assets.
However, Gemini is not without its own legal battles. A current court case between the exchange, cryptocurrency lender Genesis, and parent company Digital Currency Group has raised questions about the credibility of the exchange. This dispute has also highlighted the tension between the Winklevoss twins and DCG founder Barry Silbert.
In addition to legal challenges, Gemini also faces strict regulatory oversight, including accusations from the Securities and Exchange Commission that their joint venture with Genesis, the “Earn” program, is an unregistered securities offering.
Despite these challenges, Gemini’s approval in France shows their determination to expand their services globally and establish themselves as a major player in the cryptocurrency market.
