Thomas Daniels
Gemini, a cryptocurrency exchange co-founded by the renowned Winklevoss twins, has successfully garnered approval from French regulators to initiate its operations in France. This development was highlighted in a CNBC report, indicating that the Autorite des marches financiers (AMF) has recently recognized Gemini as a certified provider of virtual asset services.
The exchange is gearing up to fully launch its platform for French clientele, anticipating to complete all preliminary measures in the forthcoming weeks. Once operational, Gemini is set to offer French investors access to a diverse portfolio of over 70 cryptocurrencies, available through its website and mobile app. Additionally, the more advanced ActiveTrader platform will also be accessible.
This expansion into the European Union market by Gemini is reflective of a broader pattern observed among major U.S. crypto firms, who are increasingly venturing into Europe. This shift is largely driven by the rigid regulatory framework in the United States, especially the actions of the Securities and Exchange Commission (SEC) towards the crypto sector.
It’s worth noting that Gemini, along with another crypto lending entity, Genesis, were embroiled in a legal tussle with the SEC last year. They faced allegations of offering unregistered securities through the Gemini Earn program, which promised substantial returns. Gemini, however, stands firm in its belief that its interest-earning products do not fall under securities and is vigorously challenging the SEC’s lawsuit to get it dismissed.
Gemini’s move to France signifies a significant shift in the global cryptocurrency landscape, as companies strive to adapt to diverse regulatory environments, aiming for continual growth and innovation.
