Gemini becomes Irelands first approved Virtual Asset Service Provider

Gemini is the first Virtual Asset Service Provider (VASP) approved by the Central Bank of Ireland. Approval takes place shortly after receiving an e-commerce operator license from an Irish regulatory agency.

With VASP Electronic money license, The US-based cryptocurrency exchange provides storage and exchange services to Ireland-based customers. In November 2021, Gemini made a commitment to expand throughout Europe by opening an office in Dublin, while hiring Gillian Lynch as head of Ireland and the EU.

and Official post Gillian announced the expansion and reiterated the company’s commitment to comply with the regulations set to protect its customers.

She said:

“Gemini was founded in the spirit of seeking permission, not forgiveness. From day one, Gemini worked with regulators around the world to form thoughtful regulations that protect consumers and promote innovation. I have been supporting. “

Relationship between Gemini and regulatory agencies

Cameron and Tyler Winklevos LED Exchange Gemini is one of the few cryptocurrency companies to loudly support regulatory efforts in this area.

The slogan for the 2019 advertising campaign in New York “Revolution needs rules“ The company argued that it needed to protect the interests of investors by complying with regulations and adopting standard best practices in the crypto market.

Comments during the campaign, Chris Loan, Head of Marketing at Gemini, said:

“We believe that investors entering cryptocurrencies adhere to the same standards, practices, regulations and compliance protocols and deserve the same protection as investors in more traditional markets.”

As a regulated crypto exchange platform, Gemini We offer a limited range of cryptocurrencies for trading and have received all the licenses required for their operation.

Nevertheless, Gemini seems to be on the other side of the US regulatory agency lately.The US Commodity Futures Trading Commission (CFTC) Appeal for exchange For making misunderstandings in a conversation that took place while applying for a Bitcoin futures contract in 2017. The Commission claimed that Gemini deliberately omitted the facts about how Bitcoin futures contracts could potentially be manipulated. By disagreeing with the allegations, the exchange decided to fight the proceedings.

Meanwhile, recent news suggests that Gemini has not been left behind by the heat of the cryptocurrency winter.

Report by TechCrunch Shows that the exchange has performed the second phase of the layoff and is said to have affected 68 employees. The layoff began when he was dismissed in early June. 10% labor force Reduce costs under the influence of cryptocurrency winter.

During the announcement, Gemini founders Cameron and Tyler pointed out that the turbulent crypto market situation could continue as current macroeconomic and geopolitical issues continue to grow. did.