• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
  • Skip to footer
  • About us
  • Write for us
  • Terms and Conditions
  • Privacy Policy
  • Disclaimer
  • Contact
  • All Posts
  • Advertise

TronWeekly

Crypto World News

  • Home
  • Education
    • Best TRON Wallets
    • Beginner’s guide to TRON
  • Opinion
    • Tron Tokens
    • Market Analysis
  • Industry
    • Tron Exchange
    • Project Review
  • Press Release
  • Advertise
  • About us
    • The Team
    • Editorial Policy
    • Write for us
    • Privacy Policy
    • Disclaimer
    • Terms and Conditions
    • Contact
You are here: Home / News / U.K. Financial Watchdog Registers Gemini Crypto Exchange Firm
U.K. Financial Watchdog

U.K. Financial Watchdog Registers Gemini Crypto Exchange Firm

August 22, 2020 by Yvette Mwendwa

The U.K. financial watchdog has given the green light to U.S. crypto exchange firm Gemini to run its operations in the United Kingdom. The cryptocurrency exchange founded by the Winklevoss twins has registered its U.K. branch with the Financial Conduct Authority.

The Financial Watchdog rolled out mandatory risk assessments for exchanges in January this year to determine their compliance with the Fifth AML Directive (AMLD5) and the Counter-Terrorism Financing (CTF) Regulations of the European Union. The new regulations require all cryptocurrency firms operating in the United Kingdom to report their operations to the FCA. Archax crypto exchange was the first exchange firm to be approved by the authority under the new laws.

All crypto firms are required to comply with new requirements

According to the Financial Conduct Authority, cryptocurrency entities operating in the U.K. have until January 10, 2021, to comply with the new requirements. Gemini’s U.K. branch, Gemini Europe Limited, registered with the financial watchdog early this week. However, the authority has not revealed the exact date when the firm’s new registration will take effect.

Although Kraken claims it is the UK’s first licensed crypto exchange, only a United Kingdom Financial Conduct Authority (FCA) Multilateral Trading Facility (MTF) license was given to its subsidiary Crypto Facilities on 6 July. Moreover, according to FCA.s register, both Archax crypto exchange and Gemini registered their operations in the U.K. this week, and are the only two firms on the entry. However, the Archax’s registration entered into force on August 18, unlike Gemini, which is not specified.

Currently, the Gemini crypto exchange is adopting measures to fortify its oversight tools as it sails through the FCA’s procedures. According to a recent report by Bloomberg, the American exchange had chartered Ventus Systems Inc. to supply the firm with anti-market manipulation tools.

European nations implementing AMLD5 and FATF recommendations

European authorities are currently enforcing the AMLD5 and FATF recommendations.  Ireland is presently structuring its cryptocurrency regulations to combat money laundering and financing of terrorist activities. However, the new cryptocurrency regulations could pose more challenges to the Irish cryptocurrency sector. Notably, the cost of compliance might push some startups out of business.

Filed Under: News Tagged With: Crypto Regulations, FCA, Gemini

Primary Sidebar

Recent Posts

  • Coinbase’s Latest Initiative To Spruce Up Listing Process January 16, 2021
  • Gemini Follows Coinbase’s Trail; Winklevoss Twins Affirm Going Public Is An Option January 15, 2021
  • Chainlink [LINK] Onboards Bulls To Breach Its All-Time High Of $19.85 January 15, 2021
  • Huobi Makes It Easy For Russian Crypto Lovers By Aiding Ruble [RUB] Deposits/Withdrawals January 15, 2021
  • Bitcoin Aims For $40K Yet Again As Stablecoin Inflow Spikes January 15, 2021


Footer

News

  • Altcoin News
  • Bitcoin News
  • Blockchain
  • Tron News
  • World

Digest

  • Meet the Founder
  • Price Winning Article
  • DeFi
  • Cyber Security
  • Crypto Scam

Industry

  • Project Review
  • Technology
  • Fintech
  • Tron Exchange
  • New in Town

Tron Universe

  • Event and Tron Parties
  • New in Town
  • Tron Tokens

Follow Us

Subscribe US

Copyright © 2021 · Tron Weekly. All Rights Reserved. NOTE: Tron Weekly is an independent crypto news site that adheres to the strict journalism policy anchored on transparency, trust, and objectivity, we have no affiliation with the TRON Foundation, its founder Justin Sun or any other cryptocurrency firm.