Gemini crypto exchange is streamlining fiat transfers for UK customers.
The crypto exchange Gemini from the Winklevoss twins is further expanding its regulated services for customers in the UK
On October 12th, Gemini announced a partnership with the BCB Group. BCB Group is a European crypto payment processor that already works with major platforms such as Coinbase, Bitstamp and Galaxy Digital.
BCB Group focuses on institutional payment services, offering business accounts and crypto market liquidity for „crypto-engaged“ financial institutions. A key subsidiary of the group was officially recognized as an Authorized Payment Institution (API) by the UK Financial Regulator earlier this year.
As part of the collaboration with BCB Group, Gemini in the UK aims to offer its customers faster options for sending and receiving British pounds. The exchange will be connected to the BCB API. This simplifies the interaction of Gemini with various banks and fiat currencies and reduces the need for manual intervention in transaction processing.
The development will help Gemini to „secure access to real-time settlement infrastructure and enable us to integrate with our banking partners,“ said Blair Halliday, Head of Compliance for Europe at Gemini. A spokesman for the exchange told Cointelegraph that UK customers of Gemini can use the payment system Faster Payments, CHAPS and SWIFT transfers to make deposits and withdrawals in pounds and link their debit cards to Gemini accounts:
In particular, integrating with the BCB Group’s API will allow us to streamline the steps involved in processing these transfers to and from customer accounts
Gemini has expanded this year to Britain, where it by the FCA as registered crypto-asset company was recognized . The exchange had to meet certain conditions related to combating money laundering and terrorist financing. It has also obtained a license as an e-money institution in the country.