Crypto exchange Gemini has been registered as a Digital Asset Service Provider (DASP) in France by the l’Autorité des Marchés Financiers (AMF), the French financial markets regulator, according to a Jan. 17 statement.
The registration would enable it to cater to retail and institutional customers in France. Moreover, the regulatory milestone would also grant its users access to a diverse range of 70 cryptocurrencies through Gemini’s comprehensive services, including its website, mobile app, Gemini eOTC, and the ActiveTrader platform.
Gillian Lynch, Gemini’s Head of Ireland and EU, said the firm was excited to launch its platform in the European country, adding that:
“France is a global innovation leader and has a vibrant crypto community as showcased by the success of Paris Blockchain Week. We are excited to soon be able to provide French customers with compliant and secure access to the future of finance as we continue on our mission to unlock the next era of financial, creative, and personal freedom.”
Gemini expansion moves
Gemini is one of the several U.S.-based crypto exchanges that have looked to expand their operations abroad following the regulatory scrutiny at home.
During the past year, Gemini faced legal challenges from the U.S. Securities and Exchange Commission (SEC), which alleged that its defunct Earn product was a security. The firm is also facing a lawsuit from New York authorities, claiming that it defrauded investors via the investment product.
Due to this, the cryptocurrency platform has launched a non-U.S. derivatives platform—Gemini Foundation—in 30 countries and was reportedly considering opening a second headquarters in the United Kingdom.
Gemini said it operates in over a dozen EU countries and around 70 countries worldwide, with more countries on the roadmap.
Meanwhile, Gemini will play a pivotal role in one of the numerous spot Bitcoin exchange-traded funds (ETF) expected in the U.S. Asset manager 7RCC’s picked the crypto trading platform for its environment-conscious spot Bitcoin ETF application.