Gemini wins Irish electronic money license

Gemini, the cryptocurrency exchange founded by the Winklevoss twins, has received an electronic money license from the Irish central bank in the first such award since October 2020.

The license allows Gemini to issue electronic money in Ireland, as it already does in the UK, according to a report on Monday from The Irish Times. Payments provider Stripe and social media giant Meta are among firms that already have such a license. 

Gemini applied for its Irish license in early 2020, partly due to the impact of the 2016 Brexit vote, The Irish Times said. The company set up an office in Dublin last year and hired Gillian Lynch, former chief strategy officer at Leveris, to head up its Irish operations.

“Gemini securing this Electronic Money Institution authorization from the Central Bank of Ireland is a testament to the rigorous standards of our customer protection and compliance programs,” Lynch told The Block in an emailed statement. “Ireland is an international hub for financial services and emerging technologies, and consumers here have a strong interest in innovative fintech products. We look forward to bringing our secure and simple services to individuals and institutions in the Irish market and across Europe more broadly.”