UK regulator registers Gemini’s two crypto-exchange branches

UK Financial Conduct Authority (FCA) registered two branches of the Gemini cryptocurrency exchange run by the Winklevoss twins. The company complied with the regulator’s requirements under the Fifth EU anti-money-laundering directive (AMLD5).

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In the list of registered cryptocurrency firms, alongside Gemini Europe Services Limited and Gemini Europe Limited, the only one based in London is the exchange Archax. The latter has been granted a Multilateral Trading Facility (MTF) licence for the security-token market, custody of digital and fiat assets, and brokerage services.

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In an interview with The Block, Archax representatives noted the ‘tough’ nature of the registration process. According to Bloomberg, to meet regulatory requirements Gemini partnered with Eventus Systems, a provider of market-manipulation prevention solutions, which also works with Coinbase and ErisX.

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The Fifth EU Anti-Money Laundering Directive became effective on 10 January 2020. Among its requirements are the ability to link cryptocurrency addresses to the owner’s identity, disclosure of ultimate beneficial owners, and a ban on dealing with anonymous accounts.

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Leading UK cryptocurrency exchanges, wallet operators and private-key holders are required to register with the FCA by 10 January 2021.

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In Spain, similar registration requirements were imposed on cryptocurrency companies.

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