Gemini, one of the popular cryptocurrency exchanges in the United States has announced that it plans to expand its market to United Kingdom. The exchange was founded by Tyler Winklevoss and Cameron Winklevoss and records tremendous positive results since its establishment.
Gemini Transatlantic Market Expansion
As reported by CCN and Financial Times, the New York based cryptocurrency exchange platform has already hired several financial advisors and crypto market experts to help it come up with a transatlantic market expansion plan that will see the company start offering services in Britain. It is also rumored that the exchange will soon submit an application for a license to UK Financial Conduct Authority so as to smoothly set up the exchange that will be managed through the company’s successful e-money licensing program.
When asked to confirm these reports, Gemini refused to either deny or confirm them stating that the company has no immediate market expansion plans, but it’s comparing and contrasting the opportunities available that can boost its global presence.
In a recent interview, one of the representatives stated that the company would continue to explore the various opportunities available across the globe. Gemini also affirmed its commitment to providing the best digital asset exchange platform as well as custodian services that will promote infrastructure and growth of the digital asset community.
Notably, Coinbase, a cryptocurrency exchange based in San Francisco got a similar license from FCA to offer electronic payment money services to customers in the United Kingdom and 23 other European Union countries. Following the accreditation, Gemini customers are able to trade GBP against other currencies such as ETC, LTC, BTC, and ETH.
Gemini Cryptocurrency Exchange Ranking
According to the most recent statistics from CoinMarketCap and published online, Gemini is ranked as 61st largest crypto exchange platform in the world. Its 24-hour volume is estimated to be around $12 million while 30-day volume is almost $750 million. Binance cryptocurrency exchange has the highest volume exchange in the world, surpassing $1 billion daily.
It is also important to note that Gemini recently launched a stablecoin, Gemini Dollar (GUSD) whose value is pegged to the US dollar.
Need for a Balanced Approach on Cryptocurrency Regulation
Early this month, Andrew Bailey who is the FCA chief sated that regulators need to have a balanced approach when creating cryptocurrency regulation policies. Andrew also went ahead to state that maintaining consumer protections and mitigating risks associated with digital assets would provide plenty of opportunities for innovations.
Crypto experts are of the idea that increased scrutiny and regulations will not have a significant effect on the operations of Gemini cryptocurrency exchange. This is because the company is already one of the few companies that have received a charter that allows them to offer their services in New York under the stringent BitLicense framework.
In a bid to guarantee security, Gemini has contracted with Nasdaq to monitor the network for any illegal trading activities. Nasdaq does this by using its next generation market surveillance technology.
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