The Winklevoss brothers’ crypto exchange Gemini continues its European expansion, announcing new regulatory approvals in Italy and Greece.
Gemini has registered as a cryptocurrency operator with Organismo Agenti E Mediatori (OAM), the Italian payment services regulator. announced November 30th.
The crypto exchange is also registered as a custodial wallet provider and provider of cryptocurrency exchanges with the Greek Capital Market Commission (HCMC) in Greece.
According to official data, the OAM registration is issued On November 3, HCMC will accept Approved by Gemini on November 7th.
The new registration, coupled with Gemini’s e-money authority approval from the Central Bank of Ireland, officially allows it to offer cryptocurrency services to customers in Italy and Greece. This approval is also intended to demonstrate Gemini’s compliance with applicable Italian and Greek anti-money laundering and counter-terrorist financing regulations.
As of November 2022, Gemini operates in over 65 countries, including new jurisdictions such as Croatia, Cyprus, Czech Republic, Denmark, Hungary, Ireland, Latvia, Liechtenstein, Portugal, Romania, Slovenia and Sweden. says the company.
The latest registration came before a major problem with a lending platform known as Gemini Earn. Gemini Earn is designed to allow an investor to lend cryptocurrency and earn his 8% interest.The product is reportedly stopped Gemini is said to have $700 million in customer money locked in the withdrawal due to its ties to troubled cryptocurrency trading firm Genesis Global Capital.
Depending on Gemini status, Gemini earn started I had a problem with my deposit on November 16th, a few days after my first deposit FTX Liquidity Issues Report SurfacesAt the time of this writing, this product is still unavailable, but all other Gemini services including currency exchange engine, Gemini credit card, etc. work fine.
Gemini Earn launched in the United States in 2021 and delivered its services through a partnership with Genesis Global Capital. Genesis Global Capital suspended withdrawals on Nov. 16 as a result of his ongoing FTX contagion.
“We will continue to work with Earn’s lending partner, Genesis Global Capital, and its parent company, Digital Currency Group, to find solutions for Earn users to redeem their funds,” said Gemini. Said In a tweet dated November 21st.
Related: US Regulators to Investigate Genesis, Other Crypto Companies
On November 29, Gemini also tweeted publication The Gemini Trust Center assures customers that their account assets are segregated from those of Gemini. “Gemini is a full reserve exchange and custodian, which means that all customer funds held in Gemini are held 1:1 by him and can be withdrawn at any time,” the company said. emphasized.
As previously reported, Gemini was one of the exchanges hit by the ongoing crypto bear market, cutting staff by up to 20% this year. The exchange is also one of the platforms being targeted by the U.S. Senate Finance Committee as part of an information request on measures to protect customers after the FTX collapse.
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