Gemini is officially the Central Bank of Ireland’s first Virtual Asset Services Provider (VASP). After receiving an emoney operator license from Ireland regulator, Gemini was approved.
A VASP and an Anonymizer must be combined to approve the application. e-money license, The US-based crypto exchange will provide custody and exchange services for customers located in Ireland. Gemini, a US-based crypto exchange, opened a Dublin office in November 2021 and hired Gillian Lynch to be the Head of Ireland & E.U.
In official post announcing the expansion, Gillian reiterated the company’s commitment to abiding by laid-down regulations to protect its customers.
“Gemini was founded on the ethos of asking for permission, not forgiveness. Since day one, Gemini has engaged with regulators around the world to help shape thoughtful regulation that both protects consumers and foster innovation.”
Gemini’s relationship with Regulators
The Cameron and Tyler Winklevoss led exchange Gemini are among the few crypto companies to publicly support regulatory efforts within the space.
A 2019 New York City advertisement campaign featuring the slogan “Revolution Need Rules,” the company argued that investors’ interests should be protected by following regulations and adopting standard best practices for the crypto market.
Commenting during the campaign Chris Roan, Gemini’s Head of Marketing, said:
“We believe that investors coming into cryptocurrency deserve the same protections as investors in more traditional markets, adhering to the same standards, practices, regulations, and compliance protocols,”
A regulated cryptocurrency exchange platform Gemini Allows trading in a restricted number of cryptocurrencies and has received all necessary licenses.
Gemini is currently on the other side of U.S. regulators, despite this. The U.S. Commodity Futures Trading Commission has The exchange was sued For making misleading statements during conversations while filing for a Bitcoin Futures contract back in 2017. The commission claimed that Gemini intentionally withheld information regarding how the Bitcoin futures contracts could be manipulated. The exchange decided to contest the claim.
Recent news indicates that Gemini isn’t being left behind in the crypto winter heat.
A report by TechCrunch It appears that the exchange executed its second phase, which reportedly affected 68 employees. The layoffs began in June when the exchange reduced its workforce. Increase workforce by 10% Reduce costs due to the impact of crypto winter
Cameron and Tyler, founders of Gemini, made the announcement. They noted that the current geopolitical and macroeconomic issues are still a major concern for the crypto market.