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Friday, February 3, 2023

Gemini gets Regulatory Greenlight in Italy, Greece Despite Lending Halt

Days before its loan product, Gemini Win, encountered significant problems, Winklevoss’ exchanges got the most recent regulatory permits.

Gemini, a crypto exchange run by the Winklevoss brothers, has announced fresh regulatory permits in Greece and Italy as part of its ongoing European expansion.

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It has qualified with Italy’s payment services authorities, the OAM, as a crypto currency processor, the company said on Nov. 30.

The cryptocurrency exchange also has been registered with Greece’s Hellenic Financial Markets Authority as a supplier of custody wallets and a supplier of crypto currency exchange.

Official records show that the OAM license was granted on November 3 and that It received permission from the HCMC on November 7.

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The sign ups, together with it’s authorisation as an electronic currency institution first from Central Bank of Ireland, formally entitle the company to offer cryptocurrency services to its clients in Greece and Italy. Additionally, the licenses are intended to show how it complies with all relevant Greek and Italy anti-money trafficking and counter-terrorist funding laws.

Gemini Got Permit To Operate In Greece And Italy:

It works in far more than sixty-five nations as of Nov 2022, according to the company, with recent additions like Croatia, Cyprus, Denmark, the Czech Republic, Hungary, Latvia, Ireland, Liechtenstein, Romania, Slovenia, Portugal, Sweden, and others.

The most recent registrations took place prior to it experiencing significant problems with their lending tool, Gemini Earn, that enables investors to generate 8% percent by leasing their bitcoin. Due to its affiliation with the failing cryptocurrency trading company Genesis Global Capital, the company is said to have suspended withdrawals. Gemini is said to have seven-hundred million in client funds tied up in it.

It states that on Nov. 16, some few days later the initial rumors on FTX’s liquidity issues arose, Gemini Earn began to have troubles with deposits. Whereas the service is still offline as of this writing, all the other Gemini services, like as the exchanges engines, Gemini Credit Card, as well as others, continue to run as usual.

 

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