Gemini gets regulatory greenlight in Italy, Greece amid lending halt
Winklevoss brothers’ cryptocurrency exchange Gemini continues expanding in Europe, announcing new regulatory approvals in Italy and Greece.
Gemini has registered as a virtual currency operator with Italy’s payments services regulator, the Organismo Agenti E Mediatori (OAM), the firm announced on Nov. 30.
The crypto exchange has also received registration as a custodial wallet provider and provider of virtual currency exchange with Greece’s Hellenic Capital Markets Commission (HCMC).
According to official data, the OAM registration was issued on Nov. 3, while the HCMC granted its approval to Gemini on Nov. 7.
The new registrations, combined with Gemini’s electronic money institution authorization from the Central Bank of Ireland, officially allow the exchange to provide crypto services to their customers in Italy and Greece. The approvals also aim to demonstrate Gemini’s compliance with applicable Italian and Greek Anti-Money Laundering and Counter Terrorist Financing regulations.
As of November 2022, Gemini operates in more than 65 countries, including new jurisdictions like Croatia, Cyprus, Czech Republic, Denmark, Hungary, Ireland, Latvia, Liechtenstein, Portugal, Romania, Slovenia, Sweden and others, the firm said.
The latest registrations came before Gemini encountered major issues on its lending platform known as Gemini Earn, which is designed to allow investors to get 8% in interest by lending their cryptocurrency. The product has reportedly halted withdrawals due to its connection with the troubled crypto trading firm Genesis Global Capital, with Gemini allegedly having $700 million of customer money locked in it.
According to Gemini status, Gemini Earn started experiencing issues with deposits on Nov. 16, a few days
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