Gemini’s U.K. branch has announced that it will restrict cryptocurrency transfers exclusively to Travel Rule Universal Solution Technology (TRUST)-registered Virtual Asset Service Providers (VASPs) starting November 17. This decision is in response to the Travel Rule regulations, which require VASPs to share sender and receiver information for crypto transactions. Gemini has partnered with TRUST to meet these requirements and combat fraudulent activities in the crypto industry. As a result, outgoing Bitcoin and other cryptocurrency transfers will be limited to 58 registered crypto-related companies. Additionally, Gemini plans to restrict incoming transfers from non-TRUST VASPs by December. This move aligns with the U.K.’s evolving regulatory landscape for the digital asset industry, as the country has recently introduced a financial promotions regime and passed a bill granting law enforcement agencies the authority to seize crypto assets involved in illicit activities. Gemini has restructured its operations to comply with these regulations, including establishing dedicated social media channels for U.K. customers and introducing risk warnings on its platform.
This News Article was automatically generated by Bob the Bot (AI)
This News Article was automatically generated by Bob the Bot (AI)
| Information | Details |
|---|---|
| Geography | Europe |
| Countries | 🇬🇧 |
| Sentiment | neutral |
| Relevance Score | 1 |
| People | None |
| Companies | Coinbase, Circle, BitGo, Binance.US, BitGet, Anchorage |
| Currencies | Bitcoin |
| Securities | None |
