Cameron and Tyler Winklevoss-owned cryptocurrency exchange, Gemini has fully launched its services in the United Kingdom (UK), the company confirmed in an announcement this Thursday.
Launched in 2015, Gemini has focused mainly on the United States market, but will now offer its cryptocurrency exchange and custody services to clients in the UK, allowing for pounds sterling (GBP) denominated transactions.
Among other suites of services that the company will provide includes an option for users to buy and sell crypto directly for the GBP, mitigating low transaction costs and fees that would usually go into foreign currency conversions.
Beyond retail users, Gemini will also provide products for UK institutional investors to access the crypto market, real-time trading data, as well as custodial services.
The full launch is made possible by an Electronic Money Institution (EMI) license granted to Gemini by the Financial Conduct Authority (FCA). The company is also reportedly among the first to reach compliance with the Fifth Money Laundering Directive (5MLD) crypto-asset registration process now being implemented by the UK regulator.
Commenting on the development, Gemini CEO Tyler Winklevoss noted that a UK launch takes the company an exciting step forward as it pursues international expansion. He added:
The UK is a global center of financial innovation with a stringent and progressive regulatory regime. We’re proud to help usher the crypto revolution into this historic market and become a part of its rich tradition.
Launching in the UK means that Gemini will go head-to-head with its older U.S competitor, Coinbase, which first launched in the UK, the same year that Gemini went live for U.S customers. Other dominant cryptocurrency exchanges in the region include Coinfloor, Bitpanda, and CoinJar.
Leading cryptocurrency exchange, Binance is also working towards a U.K launch this summer, as public interest in cryptocurrencies spike in the region and globally.
