Days before significant problems with its loan product Gemini Earn, Winklevoss’ Gemini exchange obtained the most recent regulatory permits.
Is The Cryptocurrency Exchange Run By The Winklevoss Brothers
Gemini, a cryptocurrency exchange run by the Winklevoss brothers, has announced fresh regulatory permissions for operations in Italy and Greece.
Gemini said on November 30 that it had registered as an operator of virtual currencies with the Organismo Agenti E Mediatori (OAM), Italy’s regulatory body for payments services.
Is A Custody Wallet Exchange For Virtual Currencies?
The cryptocurrency exchange has been authorised by Greece’s Hellenic Capital Markets Commission to serve as a provider of custody wallets and an exchange for virtual currencies (HCMC).
According to official records, Gemini received permission from the HCMC on November 7, while the OAM registration was issued on November 3.
Gemini is now authorised to offer cryptocurrency services to its customers in Italy and Greece thanks to the new registrations and its authorisation as an electronic money institution from the Central Bank of Ireland. The licences prove Gemini’s adherence to all applicable Italian and Greek anti-money laundering and counter-terrorist financing laws.
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Is Gemini active in 65 nations?
According to the company, Gemini is active in more than 65 nations as of November 2022, including some brand-new nations like Croatia, Cyprus, Czech Republic, Denmark, Hungary, Ireland, Latvia, Liechtenstein, Portugal, Romania, Slovenia, Sweden, and others.
The most recent registrations were made before Gemini had significant problems with Gemini Earn, its platform for lending cryptocurrency to investors in exchange for 8% interest. Due to its affiliation with the failing cryptocurrency trading company Genesis Global Capital, the product is said to have stopped allowing withdrawals. Gemini is said to have $700 million in customer funds frozen.
According to Gemini status, Gemini Earn began having deposit problems on November 16, a few days after the first information about FTX’s liquidity problems arose. While all other Gemini services, including the exchange trading engine, Gemini Credit Card, and others, continue to run correctly, the product still needs to be made available as of this writing.
What about ongoing FTX contagion?
Genesis Global Capital stopped processing withdrawals on November 16 due to the ongoing FTX contagion and was a partner with Gemini Earn when it began in the United States in 2021.
In a tweet from November 21, Gemini stated that the firm was “continuing to work with Genesis Global Capital, the lending partner of Earn, and its parent company, Digital Currency Group, to find a way for Earn users to redeem their cash.”
Assuring its customers that the assets in their accounts are separate from Gemini’s assets, Gemini also announced Gemini Trust Center on November 29 through Twitter. “Gemini is a custodian and full-reserve exchange. Accordingly, all customer funds held by Gemini are held in a 1:1 ratio and are always accessible for withdrawal. “The corporation was anxious.
What about customer safety procedures?
Gemini, one of the exchanges affected by the present crypto bear market, reduced up to 20% of its workforce this year, as previously reported. As part of its information request addressing customer safety procedures in the wake of the FTX collapse, the United States Senate Finance Committee has also targeted the exchange as one of the platforms.