Gemini, the cryptocurrency exchange founded by Cameron and Tyler Winklevoss, is gearing up to enter the French market, having received regulatory approval from the Autorite des marches financiers, France’s financial markets regulator.
The exchange is set to launch its services for both retail and institutional customers in France within the coming weeks. French users will gain access to a diverse range of offerings, including the ability to trade 70 different cryptocurrencies. Gemini’s services will be available through its website and mobile app, as well as through specialized platforms like Gemini eOTC and the ActiveTrader platform, as reported by CNBC.
Gemini’s decision to enter the French market follows a period of consistent growth in trading volumes. In December 2023, the exchange reported a spot trading volume of $1.58 billion, reflecting a 26.4% increase from the previous month, per Block’s Data Dashboard.
Gemini is not alone in venturing into the French market. Stablecoin issuer Circle also obtained conditional registration from the AMF as a digital asset service provider in December 2023. Coralie Billmann, previously the Chief Operating Officer of Europe for 3S Money and a board member of the same firm, has been tapped to lead Circle’s French operations. Her role will focus on aligning Circle’s activities with the Markets in Crypto-Assets (MiCA) regulation, a crucial legal framework for crypto asset firms operating within the European Union.
The move comes as France is becoming a go-to location in the European Union for crypto companies. Circle is the latest to join the list of crypto firms that have scored a major regulatory approval in France, and it follows the steps of Binance and Crypto.com.
Nevertheless, France is now moving ahead with its plans to tighten regulation, supervision and oversight of cryptocurrency companies.
Gemini is expanding its global reach amid a challenging period for business in its US home market. Genesis’s bankruptcy has had a terrible impact on the Gemini Earn program and has spawned a series of lawsuits, including one by Gemini against Digital Currency Group and its CEO Barry Silbert, alleging fraud. Conversely, Genesis has also sued DCG seeking repayment of loans exceeding $600 million.
Amidst this ongoing dispute, U.S. regulatory bodies have also stepped in. The SEC has previously alleged that Genesis and Gemini were selling unregistered securities, and the New York Attorney General filed a lawsuit accusing DCG, Genesis, and Gemini of defrauding investors.