Gemini Receives Regulatory Approval to Expand in France
Crypto exchange Gemini has obtained regulatory approval from the French AMF watchdog to offer its services in France. This marks a significant move for a U.S. crypto exchange in Europe.
Gemini Plans to Roll Out Services in France
Gemini, founded and owned by Tyler and Cameron Winklevoss, announced that it has been authorized by the AMF as a provider of virtual asset services in France. The exchange aims to launch its platform for retail and institutional clients in the coming weeks.
Trade Over 70 Cryptocurrencies on Gemini’s Platform in France
Once live, customers in France will have access to Gemini’s ActiveTrader platform and can trade over 70 cryptocurrencies through the website and mobile app. Institutional clients will also be able to use Gemini eOTC, the electronic over-the-counter trading system.
Gemini Looks to Europe Amid Legal Battles in the U.S.
Gemini’s expansion into France comes as many American cryptocurrency companies seek growth opportunities in the EU due to regulatory crackdowns in the U.S. The approval also precedes the implementation of the EU’s comprehensive regulation for crypto assets.
Challenges Faced by Gemini
Gemini is currently involved in legal battles in the U.S., including a dispute with cryptocurrency lender Genesis and its parent company, Digital Currency Group. The exchange has also faced scrutiny from regulators, such as the SEC, regarding its joint venture with Genesis.
Hot Take: Gemini Expands into France as U.S. Regulations Pose Challenges
Gemini’s regulatory approval to provide services in France is a significant step for a U.S. crypto exchange entering the European market. As American companies face regulatory crackdowns at home, expanding into Europe offers new growth opportunities. However, Gemini is not without its own challenges. Legal battles and regulatory oversight in the U.S. have tarnished its credibility, making international expansion crucial for the exchange’s success.
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