Gemini, a cryptocurrency exchange, has announced measures to comply with the controversial crypto Travel Rule in the United Kingdom. However, this move has been met with criticism from a Trezor analyst who believes it is a step towards overregulation and will limit customers’ freedom for self-custody of their crypto assets. Starting on November 17, Gemini will restrict outward cryptocurrency transfers to a list of 58 virtual asset service providers (VASPs) registered under the Travel Rule Universal Solution Technology (TRUST). This decision will make it more difficult for users to move their assets into self custody, which goes against the principles of Bitcoin and individual sovereignty. Gemini’s restrictions will also apply to incoming transfers from non-TRUST VASPs starting in December. The analyst argues that this move represents a worrying trend towards over-regulation and control over citizens’ financial choices. The Travel Rule, created by the Financial Action Task Force, mandates VASPs and financial institutions to share information about the senders and recipients of virtual assets to prevent illicit activities. The UK passed legislation to enforce the Travel Rule in July 2022. Notable VASPs not restricted by Gemini include Binance US, Coinbase, Circle, Fidelity Digital Assets, Kraken, and PayPal.

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Information	Details
Geography	Europe
Countries	🇬🇧
Sentiment	negative
Relevance Score	1
People	Josef Teteka
Companies	Kraken, Coinbase, Circle, Binance US, Fidelity Digital Assets
Currencies	Bitcoin
Securities	None