Gemini in France: A Strategic Move for European Crypto Expansion

This move follows its registration as a Digital Asset Service Provider (DASP) with France’s financial regulator, l’Autorité des Marchés Financiers (AMF), earlier this year.

The expansion into France aligns with Gemini’s strategy to tap into Europe’s growing cryptocurrency market. According to Gemini’s 2024 Global State of Crypto report, 18% of French citizens now own digital assets, marking a 2% increase over the past two years.

French users can now access Gemini’s platform to deposit, trade, and store over 70 digital assets, with payment options including local methods such as debit cards, bank transfers, and Apple Pay, available in both euros and British pounds. For advanced traders, the ActiveTrader platform provides access to over 80 trading pairs and integrates with Gemini’s APIs. Institutional clients can utilize the exchange’s over-the-counter (OTC) desk and its eOTC solution.

This expansion comes ahead of the European Union’s Markets in Crypto-Assets (MiCA) regulatory framework, set to take effect soon. MiCA aims to streamline operations for crypto firms across the EU by providing a unified regulatory structure, allowing companies like Gemini to operate across the 27-member trading bloc without additional barriers.

However, Gemini’s recent history has been marred by regulatory challenges. In February this year, the exchange agreed to a $37 million fine and committed to returning $1.1 billion to customers of its defunct lending program as part of a settlement with the New York Department of Financial Services (NYDFS). The settlement addressed compliance failures and unsafe practices related to its partnership with the now-bankrupt Genesis Global Capital.

Additionally, in June, New York Attorney General Letitia James secured a $50 million settlement from Gemini to compensate investors defrauded in its Gemini Earn program. The platform agreed to repay over 230,000 investors, including 29,000 in New York, and cease crypto lending operations in the state.