Gemini, the U.S.-based cryptocurrency exchange founded by the Winklevoss twins, is launching operations in France, according to an announcement on Tuesday. The move marks the latest crypto expansion in the E.U. region, as the comprehensive Markets in Crypto-Assets ruleset begins reshaping the trading bloc’s relationship with the crypto industry.
The company, founded in 2014 by Cameron and Tyler Winklevoss, registered as a virtual asset service provider in the country earlier this year. Gemini, which operates in over 70 countries, noted the strategic implications of the move, given “France’s proactive engagement with and support of the crypto sector.”
“Gemini’s research into the French market shows its growing interest in digital assets, and a robust regulatory framework presents a unique opportunity to introduce our platform to the trading community and extend our presence in the European market over the coming months,” Gillian Lynch, Gemini CEO of U.K. and Europe, said in a statement.
By way of contrast, several crypto exchanges including Gemini have pulled out of Canada citing the country's tightening of the screws of crypto regulation.
Indeed, according to Gemini’s 2024 Global State of Crypto report, France ranked as one of the “most pro-crypto countries surveyed.” The country has seen its share of crypto holders jump 2%, to a total of 18%, since 2022 — “marking France as the country with the highest growth post-crypto winter.”
According to the report, this jump in interest can be attributed to France’s proactive regulation of VASPs, which includes consumer protection, as well as the wider MiCA reforms set to be fully rolled out by the end of the year.
Reportedly, the share of people in the country with “regulatory concerns” about the industry is down to 32% from 37% two years ago at the height of the bear market.
In May, Gemini announced that it would return $2.18 billion worth of crypto assets to users of its Earn crypto lending program, which was locked down in November 2022 amid market contagion. It also paid a $37 million settlement to the New York Department of Financial Services “for significant failures that threatened the safety and soundness of the company."
A number of the crypto industry’s most influential crypto projects are based in France, including hardware wallet manufacturer Ledger and DeFi platform Morpho.
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