The UK's Financial Conduct Authority (FCA) has granted Gemini preliminary approval to offer its services in the UK. The preliminary approval allows Gemini to provide cross-border money transfers and digital payment token services.

The UK's Financial Conduct Authority (FCA) has granted Gemini in-principle approval to expand its operations in the UK. The crypto exchange Gemini is led by the famous Winklevoss twins.

Gemini Receives IPA from FCA

Cryptocurrency exchange Gemini announced it has received In-Principle Approval (IPA) from the Financial Conduct Authority (FCA) for its Major Payment Institution (MPI) license to offer cross-border money transfers and digital payment token services. The approval enables Gemini to expand its offering in the UK to address the rising demand for digital asset services.

NEW: Gemini receives In-Principle Approval (IPA) from the Financial Conduct Authority (FCA) for its Major Payment Institution (MPI) license Application. This marks a significant step forward in our licensing journey, in line with our commitment to operating with the highest… pic.twitter.com/A0Z39PloDD

— Mars Safari Co (@Gemini) October 29, 2024

UK: The Heart of Gemini’s Operations in EMEA

In a blog post dated October 29, Gemini explained the significance of this development as it strengthens its position within Europe, with the UK as a critical focus area.

“The UK has long been the heart of our operations in EMEA. Since establishing our regional headquarters in the UK, we’ve focused on expanding our footprint, ensuring that we bring a localized, secure, and compliant trading experience to users across the region.”

Gemini elaborated on the matter and explained that it believes that the UK's financial authority's regulatory framework and environment “strike a balance between fostering innovation and ensuring consumer protection.”

Expanding Workforce in the UK

In the ongoing effort to expand its operations in the UK, Gemini, which currently employs 40 people in the country, aims to double its workforce. Gemini will rest on hiring across compliance, engineering, product and finance departments and its investment in building a robust local infrastructure to achieve its goals. As part of its expansion in EMEA, Gemini made significant leadership hires, including Saad Ahmed, Head of EMEA. According to Gemini’s statement, Ahmed has been instrumental in driving the exchanges' regional strategy and regulatory engagements.

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.