The financial supervision authority (FCA) of the UK has registered the Gemini cryptocurrency exchange. The site will report to the FCA on its activities.
The regulator put forward the requirement to register cryptocurrency companies in June. Registration is required to meet the requirements for countering money laundering and terrorist financing adopted in the country at the beginning of this year. Any companies operating in the digital asset sector in the UK must register with the regulator by January 10, 2021.
In order to meet the requirements of regulators, Gemini exchange has implemented several tools for the supervision of transactions in its systems. In addition, the platform hired Evetus System Inc.to integrate a tool that prevents market manipulation. Thanks to the license, Gemini will be able to place offers of digital assets, store them and operate as a trading platform.
Note that at the moment, the British division of Gemini and the London exchange Archax are the only cryptocurrency companies registered in the FCA.