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Gemini Adapts to UK Regulations with Updated Transaction Protocol

Gemini Adapts to UK Regulations with Updated Transaction Protocol

Amidst new rules affecting virtual asset service providers (VASPs) in the UK, Gemini, a leading cryptocurrency exchange, has restructured its operational model to stay in step with the regulatory climate.

Teaming Up with TRUST

Gemini has partnered with Travel Rule Universal Solution Technology (TRUST) to comply with the emerging Travel Rule regulations. These changes will commence on November 17, confining outgoing transfers of Bitcoin and various cryptocurrencies from Gemini to a select list of 58 TRUST-registered firms.

Open Transacting with Major Cryptocurrency Players

Despite the restrictive move, Gemini’s UK users remain unrestricted from transacting with several leading industry behemoths. Names like Binance US, Coinbase, Circle, Fidelity Digital Assets, Kraken, and PayPal have been exempted from the barrier.

Inbound Transfers: A Presage

Another significant development is the impending restrictions on inbound transfers from non-TRUST VASPs to Gemini. These limitations are scheduled to take effect from December 1. Along with the change, additional information will be requested during deposits or withdrawals from a Gemini wallet to another crypto address. The details will include the user name, beneficiary details, and occasionally, the address.

The Future of Tokens on Gemini

Starting November 17, 2023, currency transfer support on Gemini will exclusively extend to transfers of ERC-20 tokens, ETH, and BTC. This revision is indicative of the evolving regulatory landscape and Gemini’s willingness to adapt to remain compliant.

The UK’s Regulatory Landscape

The UK has increased scrutiny of the crypto industry with the introduction of the Travel Rule. This regulation, forming part of a broader regulatory framework, stipulates global standards requiring VASPs and other financial institutions to disclose information about the senders and recipients of virtual assets.

Gemini’s Customer-Focused Approach

In a bid to keep its UK customers abreast of the changes, Gemini has launched dedicated social media channels and added risk warnings to its platform. The company underscored the importance of staying informed about the updates and reiterated its dedicated collaborative efforts with regulators for compliant and secure growth in the cryptocurrency industry.

All considered, Gemini’s response to the UK’s regulatory changes underscores the exchange’s adaptive nature and its preparedness to uphold best practices in the crypto market, irrespective of shifting jurisdictional landscapes.

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