Gemini Gains Crypto Licenses in Italy and Greece

Gemini, the cryptocurrency platform backed by the Winklevoss twins, has received regulatory approval in Italy and Greece, thus continuing its European expansion.

Announced on Wednesday, the crypto platform is now a registered virtual currency operator with Italy's payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term services regulator, the Organismo Agenti E Mediatori (OAM), and also a provider of custodial wallet and crypto-fiat exchange services with Greece's Hellenic Capital Markets Commission (HCMC).

Official records show that Gemini gained the OAM registration on November 9, while HCMC granted the approval on November 7. The Central Bank of Ireland also regulates the platform, and the two new permissions have bolstered its European presence.

"Strong regulatory compliance has always been a core tenet of Gemini's ethos; we believe that the long-term success and integrity of crypto markets and companies in the space depend on it. Most importantly, by working proactively with regulatory bodies throughout the world, we can ensure that we are continuing to place regulatory compliance Compliance In finance, banking, investing, and insurance compliance refers to following the rules or orders set down by the government regulatory authority, either as providing a service or processing a transaction. Compliance concerning finance would also be a state of being following established guidelines or specifications. This designation can also encompass efforts to ensure that organizations are abiding by both industry regulations and government legislation. Understanding ComplianceCompliance is a In finance, banking, investing, and insurance compliance refers to following the rules or orders set down by the government regulatory authority, either as providing a service or processing a transaction. Compliance concerning finance would also be a state of being following established guidelines or specifications. This designation can also encompass efforts to ensure that organizations are abiding by both industry regulations and government legislation. Understanding ComplianceCompliance is a Read this Term at the heart of our products," Gemini stated.

Gemini is now operating across 65 countries. The majority of them are in Europe, including Croatia, Cyprus, Czech Republic, Denmark, Hungary, Ireland, Latvia, Liechtenstein, Portugal, Romania, Slovenia and Sweden.

"We're excited about the momentum in our European rollout, which is in line with our goal to bring accessible, secure cryptocurrency services to consumers, corporations, and institutions around the world," the exchange added.

Troubled Lending Business

Gemini gained both licences for Italy and Greece ahead of its lending business which was running into troubles. Gemini Earn, which offers 8 percent interest on crypto deposits, halted withdrawals due to its exposure to the troubled crypto trading firm, Genesis Global Capital. Gemini's lending platform allegedly holds $700 million in locked customer assets.

Meanwhile, Genesis sought a $1 billion emergency fund before suspending customers' withdrawals last month. The platform was experiencing a 'liquidity crunch', and a spokesperson confirmed that talks were ongoing between the company and potential investors.