Gemini

United

Rule

Bitcoin

TRUST

<a href="https://cryptoslate.com/companies/gemini/" rel="noopener noreferrer nofollow">Gemini’s</a> U.K. branch will limit cryptocurrency transfers <a href="https://support.gemini.com/hc/en-us/articles/20068649848091-United-Kingdom-Travel-Rule-regulations-requirements" rel="noopener noreferrer nofollow">exclusively</a> 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:
<blockquote>
 “In the UK, the Travel Rule applies to&nbsp;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.”
</blockquote>
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 <a href="https://support.gemini.com/hc/en-us/articles/20102956284187-Travel-Rule-Universal-Solution-Technology-TRUST-" rel="noopener noreferrer nofollow">registered crypto-related companies</a>, including <a href="https://cryptoslate.com/companies/anchorage-digital/" rel="noopener noreferrer nofollow">Anchorage</a>, <a href="https://cryptoslate.com/companies/binance-us/" rel="noopener noreferrer nofollow">Binance.US</a>, <a href="https://cryptoslate.com/companies/bitget/" rel="noopener noreferrer nofollow">BitGet</a>, <a href="https://cryptoslate.com/companies/bitgo/" rel="noopener noreferrer nofollow">BitGo</a>, <a href="https://cryptoslate.com/companies/coinbase/" rel="noopener noreferrer nofollow">Coinbase</a>, and <a href="https://cryptoslate.com/companies/circle/" rel="noopener noreferrer nofollow">Circle</a>, 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 <a href="https://cryptoslate.com/uk-national-crime-agency-forms-specialized-cryptocurrency-team-with-new-hires/" rel="noopener noreferrer nofollow">evolving regulatory landscape</a> 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 <a href="https://cryptoslate.com/htx-kucoin-among-exchanges-on-uks-fca-unauthorized-operators-list/" rel="noopener noreferrer nofollow">financial promotions regime</a> and the passage of a bill that gives law enforcement agencies the authority to <a href="https://cryptoslate.com/new-uk-law-grants-authorities-power-to-seize-crypto-without-arrest/" rel="noopener noreferrer nofollow">seize crypto assets</a> involved in illicit activities.
Due to these new regulations, Gemini <a href="https://www.gemini.com/blog/gemini-remains-committed-to-the-uk-market" rel="noopener noreferrer nofollow">restructured</a> its operations to comply with the rules by establishing dedicated social media channels for U.K. customers and introducing risk warnings on its platform.
The post <a rel="noopener noreferrer nofollow" href="https://cryptoslate.com/gemini-to-limit-crypto-transfers-in-the-uk-to-trust-companies/">Gemini to limit crypto transfers in the UK to TRUST companies</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://cryptoslate.com">CryptoSlate</a>.

Gemini to limit crypto transfers in the UK to TRUST companies

CryptoSlate

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