The Winklevoss twins, previously known for their ties to Mark Zuckerberg, entered the cryptocurrency space early through Bitcoin and amassed over $1 Billion worth of wealth. Since then, they have expanded their horizon by starting their own cryptocurrency exchange. Similar to Coinbase, they have been known to follow regulations closely which helped them be amongst the first crypto-business to bank with JP Morgan.
Electronic Money Institution
Gemini is open for business in the UK🇬🇧
— Gemini (@Gemini) September 24, 2020
They have now been granted an Electronic Money Institution (EMI) license in the United Kingdom. This allows them to serve UK residents in a regulated manner, as well as offer GBP crypto-purchases, wire transfers and even Faster Payments and CHAPS. The UK’s financial watchdog also accepted Gemini as part of their Fifth Money Laundering Directive (5MLD) crypto registration process.
The UK: Receptive to Crypto
Multiple crypto-native businesses have chosen London as a hub to kickstart their journey, one of which is Wirex. We are also seeing receptiveness from the country to those businesses as EMIs are not easy to obtain, yet all of the four businesses that have gotten their hands on one are involved in crypto in some way. Three of which are fully based on crypto. The companies with EMIs are: Coinbase, Aave, Gemini and Revolut.