Gemini is officially the first Virtual Asset Service Provider (VASP) approved by the Central Bank of Ireland. Approval was received shortly after obtaining an electronic money operator license from the Irish regulator.
With the joint approval of VASP and electronic money license, The US-based cryptocurrency exchange will offer its custody and exchange services to customers in Ireland. In November 2021, Gemini demonstrated its ambition to expand in Europe by opening an office in Dublin and hiring Gillian Lynch as head of Ireland and the EU.
AT official post In announcing the expansion, Gillian reaffirmed the company’s commitment to following established rules to protect its customers.
“The twins were founded on the idea of asking for permission, not forgiveness. From day one, Gemini has been working with regulators around the world to help shape thoughtful regulation that both protects consumers and promotes innovation.”
Relationship of Gemini with Regulators
Leading exchange Cameron and Tyler Winklevoss Gemini is one of the few crypto companies openly supporting regulatory efforts in this area.
In a 2019 advertising campaign held in New York, under the slogan Revolution needs rules“ the company argued that the interests of investors should be protected by enforcing the rules and implementing standard best practices for the crypto market.
Comments during the campaign, Gemini Head of Marketing Chris Roan said:
“We believe that crypto investors deserve the same protections as investors in more traditional markets by adhering to the same compliance standards, practices, rules and protocols.”
As a regulated crypto exchange platform, Twins offers a limited set of cryptocurrencies for trading and have received all the necessary licenses for their operation.
However, Gemini seems to be on the opposite side of the spectrum with US regulators as of late. US Commodity Futures Trading Commission (CFTC) sued the stock exchange for misleading statements in conversations that took place when applying for a Bitcoin futures contract back in 2017. The commission said that Gemini is deliberately silent about how the Bitcoin futures contract could potentially be manipulated. Objecting to the lawsuit, the exchange decided to contest the lawsuit.
Meanwhile, the latest news suggests that the Gemini have not been left out of the heat of the crypto winter.
Report TechCrunch shows that the exchange allegedly completed the second phase of layoffs affecting 68 employees. A wave of layoffs began in early June, when the company cut labor force by 10% to cut costs after the impact of the crypto winter.
In making the announcement, Gemini founders Cameron and Tyler noted that turbulent conditions in the cryptocurrency market may continue as current macroeconomic and geopolitical issues remain on the rise.
Credit : cryptoslate.com