Gemini crypto exchange, the Winklevoss twins’ platform is reportedly continuing to consolidate its regulated services for clients based in the United Kingdom. Gemini is now streamlining fiat currency wire transfers for the British clients.
On October 12, Gemini unveiled its partnership with BCB Group. The Group is a European crypto-focused payment processor that currently works with major platforms like Bitstamp, Coinbase, and Galaxy Digital.
BCB Group mainly focuses on institutional payments services and provides business accounts and cryptocurrency market liquidity for “crypto-engaged” financial institutions. The Group’s main subsidiary was officially approved by the Financial Conduct Authority working as an authorized payment institution (API) earlier this 2020.
Working with BCB is intending to offer Gemini’s clients in the United Kingdom with quicker and easier options for receiving and sending British pounds. Gemini exchange will link to BCB’s API which will simplify the exchange’s interactions with different banks and fiat currencies. In turn, it will reduce the need for manual intervention in transaction processing.
Blair Halliday, Gemini’s chief compliance officer for Europe, said:
“The development will help Gemini secure access to real-time settlement infrastructure, enabling us to integrate with our banking partners.”
A spokesperson for the exchange told reporters that Gemini’s UK users can make pound deposits and withdrawals through the Faster Payments scheme, CHAPS, and SWIFT transfers, and linking their debit cards to Gemini accounts:
“Our integration with BCB Group’s API specifically enables us to streamline the steps involved in processing these wire transfers into and out of customer accounts.”
Gemini expanded to the United Kingdom in 2020, where it has been already approved as a registered cryptocurrency asset firm by the FCA. It complies with Anti-Money Laundering and Counter-Terrorism Financing obligations. It has also been granted an Electronic Money Institution license in the country.