By George Ward
Expanding Its European Presence
Prominent crypto exchange Gemini has received regulatory authority to operate as a Digital Asset Services Provider (DASP) in the French financial market. Gemini’s presence in the European market will grow dramatically due to its latest accreditation, bringing the total number of countries in which it operates to “over a dozen.”
Gemini’s full array of services will be available to French consumers in the coming weeks. Accordingly, this will give traders (institutional or retail) access to a diverse portfolio of over 70 crypto assets.
Gemini’s commitment to promoting seamless trading experiences extends to institutional traders, who will benefit from the electronic over-the-counter (eOTC) trading platform it provides. Meanwhile, Gillian Lynch, Gemini’s Head of the European Union and Ireland, has expressed her enthusiasm at the approval.
She highlighted France’s crucial position as an innovation leader worldwide, including its thriving crypto ecosystem, as evidenced by the success of events such as Paris Blockchain Week. Lynch highlighted the company’s eagerness to offer compliant, safe, and creative financial products to French customers, making Gemini play a leading role in determining the future of finance.
Ensuring Compliance AMF Guidelines
According to French media sources, the Autorité des Marchés Financiers (AMF), the nation’s top financial markets regulator, granted OKX and Gemini exchanges PSAN DASP licenses last December. Following this approval, Gemini becomes the 105th entity to get such a license from the AMF. It is worth noting that an AMF license is an optional step for Bitcoin issuing firms.
In July, the AMF gave its first PSAN license to Forge, a Société Générale subsidiary and the firm is still the lone bearer of the PSAN license mentioned on the AMF website. Part of the requirements is that organizations applying for this license must have a significant presence and be “established in France.”
Gemini, a US-based crypto exchange, expanded into Europe in May after opening an office in Ireland. The company’s PSAN registration demonstrates its commitment to complying with regulatory frameworks in the regions in which it operates.
Furthermore, Coinbase and Circle were both granted AMF approval in December, as was the Dutch crypto firm Bitvavo in November 2023. These developments indicate an increasing trend of cryptocurrency platforms adhering to regulatory standards to provide customers with a secure and compliant investment environment.
Gemini Vs. SEC
Meanwhile, Gemini remains entangled in a series of legal battles due to lawsuits filed against it by the SEC and the New York Attorney General’s Office. Gemini’s Earn program, run in collaboration with Genesis, an affiliate of the Digital Currency Group (DCG), is the primary cause of these legal challenges.
The SEC’s complaint has increased regulatory attention on Gemini’s operations. This is because the issue calls into question the Earn program’s compliance with securities procedures and investor protection.
Furthermore, the firm’s legal battle is not restricted to regulatory bodies. Gemini is also at legal odds with Genesis and its parent firm, DCG. Industry observers cited contractual conflicts and a lack of regulatory compliance as Gemini’s significant challenges.