Gemini gets regulatory approval in Italy and Greece

Days before the struggle with unlocking its Earn product, crypto exchange Genesis received regulatory approval from Italy and Greece.

Gemini was registered as a virtual currency operator with the help of Organismo Agenti E Mediatori (OAM), Italy’s payment service regulator, on Nov 3. And as a custodial wallet provider and provider of exchange services between virtual and fiat currencies with Greece’s Hellenic Capital Markets Commission (HCMC) on Nov 7.

The news comes from the official Gemini blog post from Nov 30. The company further comments on the approvals:

“Gemini’s registrations with the OAM and HCMC demonstrate our compliance with applicable Italian and Greek Anti-Money Laundering and Counter Terrorist Financing regulations.

As we expand across Europe, we continue to work in tandem with national and international regulators and policymakers to ensure that we are meeting the necessary regulatory requirements in all new markets.”

Gillian Lynch, Head of Ireland and Europe, stresses Gemini’s widening presence in the European market:

“Gemini is now operational in more than 65 countries, having recently announced our launches in Croatia, Cyprus, Czechia, Denmark, Hungary, Ireland, Latvia, Liechtenstein, Portugal, Romania, Slovenia, and Sweden, with more countries on the roadmap.”

In the meantime, Gemini is working on unlocking its Earn product with Genesis and DSG.

At the time of writing, the problem is still not resolved. We’ve already mentioned the close ties between Gemini and Genesis.

Related: Gemini is struggling to unlock its Earn program

On Nov.16, Gemini shared in a blog post:

“The past week has been an incredibly challenging and stressful time for our industry. We are disappointed that the Earn program SLA will not be met, but we are encouraged by Genesis’ and its parent company Digital Currency Group’s commitment to doing everything in their power to fulfill their obligations to customers under the Earn program. We will continue to work with them on behalf of all Earn customers. This is our highest priority. We greatly appreciate your patience.”

Related: Genesis creditors seek to avoid bankruptcy