Italy and Greece gave regulatory approval to the cryptocurrency exchange Gemini
Italy and Greece gave regulatory approval to exchange Gemini. The company is registered as an operator of virtual currencies with Italy's payments services authority.
The company has registered as an operator of virtual currencies with the Organismo Agenti E Mediatori (OAM) which is Italy's payments services authority as part of its ongoing European expansion. The new registrations, along with Gemini's authorization as an electronic money institution from the Central Bank of Ireland, formally entitle the exchange to offer cryptocurrency services to its clients in Italy and Greece.
The cryptocurrency exchange which is run by the Winklevoss brothers has also been registered with Greece's Hellenic Capital Markets Commission as a provider of custody wallets and a provider of virtual currency exchange (HCMC). OAM registered on November 3, 2022, while HCMC approved Gemini on November 7, 2022.
The licenses reflect how Gemini complies with all relevant Italian and Greek anti-money laundering and counter-terrorist financing laws.
Gemini operates in more than 65 nations as of November 2022 with recent additions like Croatia, Cyprus, the Czech Republic, Denmark, Hungary, Ireland, Latvia, Liechtenstein, Portugal, Romania, Slovenia, Sweden, and others.
The most recent registrations took place prior to Gemini experiencing significant problems with their lending tool, Gemini Earn, which enables investors to earn 8% percent by lending their cryptocurrency. Due to its affiliation with the failing cryptocurrency trading company Genesis Global Capital, the product is said to have suspended withdrawals. Gemini is said to have $700 million in customer funds tied up in it.
CBW - External Analyst