France Approves Gemini as Digital Asset Service Provider Amid Pending US Lawsuits
Summary:
Cryptocurrency exchange Gemini has gained approval to operate as a Digital Asset Service Provider in France, marking its presence in more than a dozen European jurisdictions. With this development, over 70 cryptocurrencies will be accessible to institutional and retail investors in France. This authorization comes amidst lawsuits filed against Gemini by the U.S. Securities and Exchange Commission and the New York Attorney General’s office, all relating to Gemini's Earn program, a partnership with Genesis, affiliated with Digital Currency Group.
Gemini, the cryptocurrency exchange, has been authorized as a Digital Asset Service Provider (DASP) in France. This latest development expands Gemini's presence in Europe to more than several territories, as per the announcement made on January 17th. Over 70 different cryptocurrencies will be made accessible to both institutional and retail investors in France over the forthcoming weeks. In addition, to leveraging Gemini's electronic over-the-counter trading facility, institutional investors will have this unique advantage. Gillian Lynch, who leads Gemini operations in the European Union and Ireland, applauded France's innovative spirit and lively crypto community, as made evident during Paris Blockchain Week. She expressed enthusiasm over the prospect of offering French clients a safe, compliant portal to next-gen finance.
Last December, French media outlets revealed that both Gemini and OKX, a crypto exchange, had been granted DASP registration by Autorité des marchés financiers (AMF), France's financial market watchdog. For Gemini, this marked their 105th registration. While a separate and optional procedure, acquiring AMF licensing was the first achievement of Forge, a subsidiary of Société Générale, a French bank. It currently remains the lone license holder listed on the AMF's website. To be eligible for a license, companies must have an established base in France. Gemini, which is based in the United States, inaugurated its European unit in Ireland in May 2022.
As reported by Silicon Valley-based tech accelerator, Coinbase and Circle also acquired AMF registration in late 2021, followed by Dutch exchange Bitvavo in November. Gemini, however, is currently embroiled in lawsuits by both the U.S. Securities and Exchange Commission and the New York Attorney General’s office. These lawsuits pertain to Gemini's Earn program that was co-operated with Genesis, an associate of the Digital Currency Group (DCG). Gemini is entangled in legal disputes with Genesis and DCG as well.
Published At
1/17/2024 8:45:00 PM
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