Gemini has received approval from French regulators to launch its service in France, paving the way for it to serve retail and institutional clients in the European market.。Gemini plans to launch its products to retail and institutional customers in France in the coming weeks。

Gemini's Global Expansion

Gemini's foray into the European market comes amid increasing scrutiny of the cryptocurrency industry by US regulators, including the US Securities and Exchange Commission (SEC).。As the U.S. continues to grapple with cryptocurrency regulation, Gemini and other key players are taking advantage of the regulatory clarity offered by the EU.。

In addition to this, the SEC recently approved a spot Bitcoin ETF, which is seen as a positive step in integrating cryptocurrencies into traditional finance.。Gemini's move to establish a presence in Europe highlights the importance of global diversification in a changing regulatory environment。

However, the cryptocurrency exchange has encountered challenges in expanding its services globally.。Last year, the New York-based cryptocurrency exchange announced its decision to stop offering services to Dutch customers from November 17, 2023.。

Gemini to tackle global regulation

The move stems from regulatory pressure exerted by De Nederlandsche Bank。Despite this measure, Gemini assured its Dutch users that it would not permanently withdraw from the Netherlands.。The company mentioned the move as a strategic move to ensure compliance with the EU's crypto asset market regulations.。

In May last year, the exchange moved its European headquarters from London to Dublin, citing regulatory uncertainty.。In July 2022, Gemini registered as a virtual asset service provider in Ireland, solidifying its commitment to the region.。

In addition to this, Gemini faces a legal battle following the SEC's previous lawsuit against the exchange.。The regulator accused the company of violating securities regulations by offering and selling crypto lending products without proper registration.。Similarly, New York Attorney General Letitia James filed a lawsuit against Gemini Trust, Genesis Global Capital and Digital Currency Group.。