Within three weeks after launching in the United Kingdom, the Winklevoss twins-owned Gemini exchange is already building out its suite of regulated services for institutional clients in the region.
On Monday, Financial Conduct Authority (FCA) licensed cryptocurrency payments processor, BCB Group announced it has partnered with Gemini. The agreement is that London-based BCB would provide payment services and business accounts to Gemini’s new flock of institutional clients.
More precisely, Gemini will integrate BCB’s API to allow clients to handle GBP-denominated transactions with little to no manual intervention. BCB already offers this fiat bridge to Coinbase, Galaxy Digital, Kraken, and Bitstamp allowing 24/7 transactions with instant, frictionless deposits and withdrawals.
Commenting on the Gemini’s Chief Compliance Officer, Blair Halliday highlighted how the new partnership would benefit the exchange’s mission to accept payment via the Faster Payments scheme, CHAPS, SWIFT transfers, and debit cards.
He reiterated that partnering with BCB would give Gemini access to ‘real-time settlement infrastructure and enable easy integration with banking partners,’ for institutional clients who often conduct large volume transactions.
Gemini would encourage more institutional involvement and increased adoption of these assets by unlocking the ability to move large sums seamlessly and instantly between fiat and crypto-assets.
Meanwhile, by working with an FCA-licensed firm, Gemini is building on its healthy regulatory approach to expansion in the UK.
The exchange operator acquired an Electronic Money Institution (EMI) license from the watchdog and remained one of the crypto-related entities to received approval from the FCA under the Fifth Money Laundering Directive (5MLD) crypto-asset registration guidelines.
Such an approach definitely puts the company in fine stead, especially as UK authorities continue to regulate the cryptocurrency industry. Last week, Bitcourier reported that the FCA banned the sale of crypto derivatives products to retail investors, citing substantial risks associated with investing in the asset class.