Search Results for: Gemini

Genesis Global Capital and Gemini are urging a U.S. court to drop an SEC lawsuit alleging they sold unregistered securities through Gemini’s Earn product. Gemini argues that the SEC’s portrayal of the Master Digital Asset Loan Agreement (MDALA) as an unregistered security is baseless. The ongoing legal dispute centers around disclosure requirements and the nature of MDALA as a security or not.

Gemini Trust Co. and Genesis Global Capital jointly filed for dismissal of a lawsuit brought by the SEC, claiming their Earn product violated securities regulations. As Gemini aims to recover assets for Earn users, both companies continue working with regulators towards a settlement while upholding the importance of compliance and consumer protection in the crypto space.

Gemini and Genesis move to dismiss a SEC lawsuit alleging their Earn product offers unregistered securities. As users face difficulties, conflict between Gemini and parent Digital Currency Group adds to crypto industry’s regulatory uncertainty. Gemini plans a UK base amid growing US regulatory challenges.

Gemini’s expansion into Ireland establishes its European HQ, signifying the country’s competitive offering in the international financial services sector. As the upcoming MiCA regulation looms, Gemini continues to navigate regulatory challenges while advocating for common-sense consumer protection and fostering innovation in the crypto industry.

Crypto exchange Gemini chooses Ireland as its European hub, citing its regulatory landscape, talent pool, and technology community. Despite Irish central bank chief’s call for a ban on crypto advertising, multiple exchanges have set up in the country, anticipating growth and innovation in the European crypto landscape under supportive regulatory environments.

Philippines regulators issued a warning to Crypto exchange Gemini over unauthorized derivatives exchange operations, raising concerns for crypto market businesses. As stricter regulations come into play, investors must stay informed and cautious, considering the complexities of the crypto market.

Gemini recently launched the Gemini Foundation, a platform offering non-US derivatives to clients in 29 countries, highlighting a growing trend of crypto companies seeking favorable regulatory environments offshore. However, clients from the US, UK, and EU remain excluded, raising concerns about global crypto regulations and market fairness.

The Winklevoss twins’ Gemini Foundation expands its offerings to non-US residents, now available in 29 jurisdictions such as Singapore, Hong Kong, and India. As it faces regulatory challenges in the US, Gemini focuses on offshore expansion and an Asian pivot to position itself as a global player in the crypto market.

The UK’s Financial Conduct Authority (FCA) has recently added major cryptocurrency exchanges to its warning list as “non-authorized firms”. This is due to concerns over the exchanges operating without essential licenses or adherence to UK regulations, potentially making customers vulnerable. To resume operations, these exchanges need to register with the FCA or secure a temporary status permit. The FCA has also tightened promotion regulations, requiring clear risk warnings and higher technical standards, including a mandatory 24-hour cooling-off period for new users.

“The Financial Conduct Authority (FCA) of the UK added 143 crypto firmsto its warning list, including well-known exchanges like Huobi and KuCoin. This indicates the regulator’s strict stance on compliance, affecting major crypto players such as PayPal and Bybit.”

The Dutch court has ruled against the Dutch Central Bank’s (DNB) imposed fees on crypto companies for anti-money laundering compliance, stating a violation of EU law. While the DNB argued that the industry should shoulder these costs, crypto firms believed these fees hindered the growth of the Netherlands’ digital currency sector.

“The dialogues between Terraform Labs’ co-founders hinted at deceptive transactions on the Terra blockchain to attract investors. In contrast, cryptocurrency exchange Gemini invests $24 million in India despite regulatory ambivalence. Kraken steps into securities trading, requiring regulatory approval. These scenarios highlight the evolving role of regulatory oversight in the blockchain industry.”

The crypto industry is evolving to navigate tighter global regulations. Exchanges like Kraken and Gemini are developing innovative strategies to thrive. For instance, to overcome regulatory challenges, Kraken is exploring securities trading, and Gemini is expanding in India’s tech-focused market.

The SEC has sued Binance for legal violations involving crypto tokens BNB and BUSD, and Circle argues that these stablecoins aren’t securities as their acquisition doesn’t foresee profit-making. Meanwhile, Gemini is closing its Netherlands operations for failing to meet regulatory requirements, highlighting growing tensions between crypto platforms and financial regulatory bodies.

“The Winklevoss-owned Gemini withdrew roughly $280 million from Genesis Global just prior to a withdrawal freeze and bankruptcy filing. With legal battles involving Genesis, Gemini, and their parent company DCG, this situation highlights the need for tighter cryptocurrency regulations.”

“Crypto exchange Gemini discontinues its services in the Netherlands due to stringent regulations instituted by the Dutch central bank. Gemini intends to comply with the Markets in Crypto-Assets Regulation (MiCa), before reopening for Dutch users. These regulatory tightening trends raise questions about the future of crypto platforms in the European Union.”

Former SEC official John Reed Stark argues that the SEC’s current capabilities are insufficient to handle the growing, flexible crypto sector. Stark believes that the Department of Justice’s involvement is indispensable to impose penal measures as the SEC’s mandate restricts it to civil enforcement.

“The New York Department of Financial Services (NYDFS) proposes stricter regulations on digital coin listings, increasing scrutiny for licensees and necessitating more comprehensive risk assessment. The updated list of “greenlisted” coins can be listed by licensees without facing additional regulatory hurdles.”