Gemini Crypto Exchange Receives VASP License to Operate in France

Key takeaways

• Gemini crypto exchange, founded by the Winklevoss twins, secures VASP license to operate in France.
• The exchange acknowledges France as formidable with proactive engagement and support for the digital asset sector.
• The expansion marks part of the company's vision of fostering its presence in Europe.

Gemini Expands To France, Leverages The Country's Thriving Crypto Market

Prominent US-based crypto exchange Gemini has launched its operations in France. This comes after securing a Virtual Asset Service Provider (VASP) license in the country earlier this year.

The launch is part of Gemini's vision to broaden its presence in the European market. It will allow French users to access the Gemini platform and easily buy, sell, trade, deposit, and store over 70 crypto assets via web and mobile applications.

Gemini's French customers will enjoy various payment options, including local bank transfers, supported debit cards, fiats such as GBP and EUR, and Apple Pay.

Additionally, French advanced traders can now leverage Gemini's ActiveTrader to engage in more than 80 trading pairs. Gemini's OTC desk and eOTC trading system are also available for institutional investors for large-volume transactions with intense liquidity.

Meanwhile, Gemini aims to explore the great possibilities of France's thriving crypto market through this expansion. Notably, the move to France conforms with the exchange's strategic growth plans in the European markets.

According to Gemini's 2024 Global State of Crypto Report, the exchange highlighted France's proactive engagement toward crypto assets. Moreover, the country has laid out a favorable regulatory environment for the crypto industry, attracting many crypto entities.

The report indicated that France ranked among the top pro-crypto countries in its survey in Europe. The country's share of crypto owners rose to 18%, indicating a 2% increase since 2022.

Also, the number of people in France with regulatory concerns regarding the crypto industry dropped to 32% from 37% in 2022 during the peak of the bear market.

In a statement, the CEO of Gemini UK and Europe, Gillian Lynch, expressed excitement about the company's achievement. She noted that expanding to France will help Gemini's mission of making crypto accessible to many.

Lynch also praised France's regulatory framework for the industry.

The CEO stated: Gemini's research into the French market shows its growing interest in digital assets, and a robust regulatory framework presents a unique opportunity to introduce our platform to the trading community and extend our presence in the European market over the coming months."

Gemini Continues With Strategic Moves To Broaden Its Userbase Globally

Winklevoss twins Cameron and Tyler founded the Gemini crypto exchange in 2014. Though headquartered in New York, US, the company now operates in more than 70 countries across the world.

The crypto exchange has its European headquarters in Dublin. Gemini is the first crypto-related firm to complete a Virtual Asset Service Provider (VASP) registration with the Central Bank of Ireland.

In May this year, the exchange disclosed the return of $2.18 billion in crypto assets to users of its Earn Crypto Lending Program. Notably, the product shut down in November 2022 due to crypto market contagion.

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