Good news for Gemini, which has been approved to offer its trading and custody services by the Italian and Greek regulators.
The good news for Gemini has been approved to offer its trading and custody services by the Italian and Greek regulators.
The New York Department of Financial Services (NYDFS) gave an opinion letter on July 10th, 2019, regarding Gemini’s application for a BitLicense. The NYDFS concluded that “Gemini” does not meet the definition of a “virtual currency business” as defined by Section 225(c)(1)(B)(iii) of the Federal Reserve Act because it does not engage in activities that involve exchanging cash or other instruments for virtual currency; instead, they only serve as a payment processor with no other role within their operations. This means that you can now invest money into Bitcoin without having to worry about getting scammed at all!
Europe is the largest region for cryptocurrency and blockchain products, with significant competition for market share between platforms.
Europe is the largest region for cryptocurrency and blockchain products, with significant competition for market share between platforms.
Gemini aims to reach its goal of becoming a global cryptocurrency company. As such, it's expanding into Japan through a partnership with a licensed crypto exchange (which is not yet operational). While other exchanges have already gotten regulated in Europe, this will allow Gemini to compete with some of the biggest European crypto exchanges on price discovery, liquidity, and investment opportunities.
Gemini also expands into other countries and regions, including Singapore and Hong Kong. The company has partnered with PrimeTrust Bank to provide FDIC-insured accounts for US customers. This will allow Gemini to offer more stable banking services for its clients.
The company also offers a custody solution for institutional investors and is working to provide these services in more countries. Gemini has partnered with several other businesses to expand its reach, including the New York Stock Exchange (NYSE) and Nasdaq.
Conclusion
The Italian and Greek regulators have approved Gemini exchange to offer its trading and custody services. This is good news for the company, which wants to become a global cryptocurrency by getting regulated in European jurisdictions. Europe is the largest region for cryptocurrency and blockchain products, with significant competition between platforms.
