The Winklevoss twins’ cryptocurrency exchange, Gemini, has expanded its Gemini Staking Pro service to the United Kingdom, enabling institutions and high-net-worth individuals to participate in Ethereum staking. This marks Gemini Staking Pro’s official debut in the UK, allowing users to become Ethereum validators by locking up at least 32 Ether (ETH), worth around $60,000 at the time of writing.
While UK users are enthusiastic about this development, the fact remains that Gemini’s staking services are not regulated by the UK Financial Conduct Authority. Additionally, the exchange has promised to reimburse stakers for certain penalties incurred during staking, however, critics argue that the process should be more transparent and risk-free.
Gemini’s launch in the UK comes amid Ethereum core developers’ plans to increase the maximum amount of Ether required to become a validator from 32 ETH to as much as 2,048 ETH, worth approximately $3.9 million at the time of writing. The minimum staking amount would remain at 32 ETH.
Meanwhile, Gemini faces a lawsuit from the U.S. Securities and Exchange Commission (SEC) over allegations that the exchange has violated securities regulations by offering unregistered securities, namely their lending platform known as Gemini Earn. Following the SEC lawsuit, Gemini announced plans to expand into the Asia-Pacific region.
In conclusion, while the introduction of Gemini Staking Pro in the UK is a significant milestone for crypto enthusiasts in the country, underlying concerns involving regulatory oversight and potential legal ramifications cannot be ignored.
Source: Cointelegraph
