Gemini specifically has been battling its way into many nations together with other cryptocurrency organizations. While many people think that cryptocurrency exchanges may be the next hotspot for regulators, it appears that Gemini has jumped on board. The Winklevoss twins’ exchange, may have gotten into a tiff with the Australian cryptocurrency watchdogs.
According to a press statement, Australia’s financial services and markets regulator has halted Sydney-based asset manager Holon Investments’ ability to offer or distribute three cryptocurrency funds to retail investors for a period of 21 days. It has come to light that these crypto funds were being managed by the prominent crypto exchange Gemini.
The Australian Securities and Investment Commission (ASIC) made the decision as a result of Holon Investments’ non-compliant target market determinations (TMD).
The target market document, or TMD, outlines the target market for an investment product. ASIC expressed concern that Holon did not adequately take into account the characteristics and dangers of the Funds when deciding on their target markets.
According to the regulator, the broad target market specified in Holon’s TMDs, which includes investors with possibly medium, high, or very high risk and return profiles, is not a good fit for the cryptocurrency funds.
The funds held by Holon in Bitcoin, Ether, and Filecoin are affected by the suspension. The cryptocurrency exchange Gemini oversees the management of all three funds. The press release read,
“If the ASIC’s concerns are not addressed in a timely manner, final stop orders will be placed on the funds….. Holon will have an opportunity to make submissions to ASIC before any final stop order is made.”
Winklevoss resigns as Gemini Europe’s director
The millionaire co-founder of the cryptocurrency exchange Gemini, Cameron Winklevoss, has resigned from the Gemini Europe board of directors.
A Companies House statement states that on October 12th, Winklevoss resigned as a director of the European division of the larger firm, Gemini Europe, which is incorporated in the UK.
Blair Halliday, the former UK managing director, lost his board membership at the same time as Gillian Lynch, the company’s new head of Ireland and the EU, took his place. Last week, Halliday also relocated to the competing exchange Kraken.
Gemini, a New York-based company established by Tyler and Cameron Winklevoss, just started its cryptocurrency exchange and custody services in Ireland after obtaining an e-money license there six months prior and opening an office there in 2021.
