- Gemini, a crypto exchange founded by the Winklevoss brothers carries on to develop in Europe, publicizing new regulatory acceptance in Italy and Greece.
- Gemini has been listed as a digital currency operator with Italy’s payments services regulator, the Organismo Agenti E Mediatori (OAM), the company publicized on November 30.
Gemini has also got registration as a custodial wallet provider and offerer of digital currency exchange with Greece’s Hellenic Capital Markets Commission (HCMC). In line with the official data, the OAM listing was published on November 3, and at the same time, HCMC permitted its acceptance to Gemini on November 7.
The new listings, unified with Gemini’s e-money institution consent from the Central Bank of Ireland, formally permit the company to offer crypto services to their clients in Italy and Greece. The acceptance also targets to portray Gemini’s consent with eligible Italiana and Greek Anti-Money Laundering and Counter-Terrorist Financing laws.
As of this month, Gemini functions in over 65 countries, such as Hungary, Latvia, Croatia, Ireland, and many more, the company revealed.
Gemini Earn’s issues
The newest listings came before Gemini experienced big problems with its lending platform, Gemini Earn, which is created to permit investors to acquire 8%% in interest by lending their crypto. The product has allegedly banned withdrawals because of its link with the concerned, Genesis Global Capital, with Gemini reportedly having $700 million of clients’ money halted in it.
As per the Gemini status, Gemini Earn initiated facing problems with deposits on November 16, after some days original reports on FTX’s liquidity problems came up. At present, the product is not available. On the other hand, other services of the platform continue to function.
Gemini Earn was introduced in 2021 in the U.S., offering services by collaboration with Genesis Global Capital, which suspended withdrawals on November 16 as a result of the continuing FTX contagion.
“We carry on to operate with Genesis Global Capital, the lending associate of Earn and digital currency group to discover a solution for Earn clients to retrieve their money,” Gemini explained in a tweet from November 21.
On November 29, Gemini tweeted that Gemini Trust Center, promising their clients that their account’s assets are separated from Gemini’s assets. “Gemini’s customer funds kept on Gemini are stored 1:1 and accessible for withdrawal at any moment,” the firm emphasized.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
Source: https://www.thecoinrepublic.com/2022/12/01/gemini-gets-governing-approval-in-italy-and-greece-in-between-the-lending-suspension/