The Gemini crypto exchange streamlines Fiat transfers for UK customers.
The Winklevoss Gemini crypto exchange is expanding its regulated services to customers in the UK.
On 12 October, Gemini announced a partnership with the BCB Group. The BCB Group is a European crypto payment processor that already works with major platforms such as Coinbase, Bitstamp and Galaxy Digital.
The BCB Group focuses on institutional payment services and provides business accounts and crypto-market liquidity for „crypto-committed“ financial institutions. A major subsidiary of the Group was officially recognised as an Authorised Payment Institution (API) by the UK Financial Services Authority earlier this year.
As part of its cooperation with the BCB Group, Gemini intends to offer its UK customers faster options for sending and receiving pounds sterling. The exchange will be linked to BCB’s API. This will simplify Gemini’s interaction with various banks and Fiat currencies and reduce the need for manual intervention in transaction processing.
The development will help Gemini „secure access to the real-time settlement infrastructure and enable us to integrate with our banking partners,“ said Blair Halliday, Gemini’s Head of Compliance for Europe. A spokesperson for the exchange told Cointelegraph that Gemini’s UK customers will be able to use the Faster Payments, CHAPS and SWIFT payment system to make deposits and withdrawals in pounds and link their debit cards to Gemini accounts:
In particular, integration with the BCB Group API will enable us to streamline the steps involved in processing these transfers to and from customer accounts.
Gemini has expanded into the UK this year, where it has been recognised by the FCA as a registered crypto asset company. To do so, the exchange had to meet certain conditions relating to the fight against money laundering and terrorist financing. It has also obtained a licence as an electronic money institution in the country.