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The global crypto market cap is $1.34 trillion with a 24-hour volume of $44.52 billion. The price of Bitcoin is $35,342.41 and BTC market dominance is 51.7%. The price of Ethereum is $1,882.64 and ETH market dominance is 16.9%. The best performing cryptoasset sector is eCommerce, which gained 17%.
The exchange said its decision was tied to the Travel Rule regulations.
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Gemini’s U.K. branch will limit cryptocurrency transfers exclusively to Travel Rule Universal Solution Technology (TRUST)-registered Virtual Asset Service Providers (VASPs) starting Nov. 17.
The exchange attributed its decision to the Travel Rule regulations mandating VASPs to share sender and receiver information for crypto transactions. Gemini said:
“In the UK, the Travel Rule applies to all transactions, necessitating VASPs to share data such as the sender and recipient names and crypto address. The specific information required may differ based on the risk profile of the transaction.”
To meet these requirements, the exchange partnered with TRUST, an industry-driven solution that facilitates information sharing and combats fraudulent activities in the crypto industry.
Due to this development, Gemini will restrict outgoing Bitcoin and other cryptocurrency transfers to 58 registered crypto-related companies, including Anchorage, Binance.US, BitGet, BitGo, Coinbase, and Circle, among others.
In addition to restricting outgoing transactions, Gemini will limit incoming transfers from non-TRUST VASPs by December.
“Gemini may freeze and/or restrict users who are attempting to make inbound transfers to Gemini from a non-TRUST VASP,” part of the statement reads. “This is due to these transactions potentially missing the required information to ensure transparency of the transaction.”
Meanwhile, this move aligns with its efforts to comply with the United Kingdom’s evolving regulatory landscape for the digital asset industry.
The U.K. has recently taken significant steps to establish a regulatory framework for the emerging industry, including the introduction of a financial promotions regime and the passage of a bill that gives law enforcement agencies the authority to seize crypto assets involved in illicit activities.
Due to these new regulations, Gemini restructured its operations to comply with the rules by establishing dedicated social media channels for U.K. customers and introducing risk warnings on its platform.
Oluwapelumi values Bitcoin’s potential. He imparts insights on a range of topics like DeFi, hacks, mining and culture, underlining transformative power.
Jacob Oliver is a recovering academic and English teacher turned crypto journalist and web3 writer. He holds a Ph.D. from the University of Washington.
Exploring the phenomena of inversion and un-inversion of the yield curve.
Disclaimer: Our writers’ opinions are solely their own and do not reflect the opinion of CryptoSlate. None of the information you read on CryptoSlate should be taken as investment advice, nor does CryptoSlate endorse any project that may be mentioned or linked to in this article. Buying and trading cryptocurrencies should be considered a high-risk activity. Please do your own due diligence before taking any action related to content within this article. Finally, CryptoSlate takes no responsibility should you lose money trading cryptocurrencies.
Web3’s impact on traditional sectors will be highlighted at Newconomics 2023 in Lisbon on November 14-15.
Bitcoin, a decentralized currency that defies the sway of central banks or administrators, transacts electronically, circumventing intermediaries via a peer-to-peer network.
Gemini is a regulated digital asset exchange and custodian that allows customers to buy, sell, store, and stake digital assets in a regulated, secure, and compliant manner.
Binance is a global cryptocurrency exchange that provides a platform for trading more than 100 cryptocurrencies.
Coinbase is a digital currency exchange and wallet service that allows individuals to buy, sell, and store digital currencies, such as Bitcoin, Ethereum, and Litecoin.
Anchorage Digital is a regulated cryptocurrency platform that offers integrated financial services and infrastructure solutions to institutions.
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