Winklevoss twins launched the Gemini exchange, which has received a regulatory license to operate in France.
According to CNBC reports, the Autorite des marches financiers (AMF) authorized the exchange today as a provider of virtual asset services. After completing the required preparation processes, the company hopes to fully operationalize its platform for French consumers in the following weeks.
Gemini will allow its users to trade a wide variety of over 70 cryptocurrencies once it is officially launched in France. This will be available via its mobile application and website and its more advanced ActiveTrader platform.
Gemini’s calculated entry into the European Union fits a growing pattern of significant American cryptocurrency companies looking for expansion prospects in Europe.
The United States’ strict regulatory framework, particularly the efforts taken by the Securities and Exchange Commission (SEC) against the cryptocurrency business, is substantially to blame for this tendency.
Notably, the SEC charged Gemini and another cryptocurrency lender, Genesis, the year before for allegedly selling unregistered securities through Gemini Earn, a scheme that offered substantial profits.
Gemini is aggressively fighting the SEC’s case to have it dismissed, arguing that its interest-earning instruments do not qualify as securities. Gemini’s entry into the French market highlights how the dynamics of the cryptocurrency sector are changing globally as businesses attempt to innovate and grow while navigating various regulatory environments.
